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A unified framework for CBDC design : remuneration, collateral haircuts and quantity constraints

Assenmacher-Wesche, Katrin; Berentsen, Aleksander; … - 2021

We study the macroeconomic effects of central bank digital currency (CBDC) in a dynamic general equilibrium model. Timing and information frictions create a need for inside (bank deposits) and outside money (CBDC) to finance production. To steer the quantity of CBDC, the central bank can set the...

Persistent link: https://www.econbiz.de/10012596299

Does liquidity regulation impede the liquidity profile of collateral?

Schmidt, Kirsten - 2019

We analyze the pledging behavior of Euro area banks during the introduction of the liquidity coverage ratio (LCR). The LCR considers only a subset of central bank eligible assets and thereby offers banks an arbitrage opportunity to improve their regulatory ratio by altering their collateral...

Persistent link: https://www.econbiz.de/10011994641

Future of the Economic and Monetary Union

Gortsos, Christos V. - 2022

The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...

Persistent link: https://www.econbiz.de/10014077291

The economics of central bank digital currency

Ahnert, Toni; Assenmacher-Wesche, Katrin; Hoffmann, Peter; … - 2022

This paper provides a structured overview of the burgeoning literature on the economics of CBDC. We document the economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the implications for the financial system and discuss of a number of...

Persistent link: https://www.econbiz.de/10013342232

New strategy, new accountability : The European Central Bank and the European Parliament after the strategy review

Grünewald, Seraina Neva; Klooster, Jens van 't - 2023

A striking asymmetry defines the European Central Bank (ECB)’s approach to democratic accountability. Today’s ECB makes choices of a more complex and discretionary nature than originally envisaged for it by the 1992 Maastricht Treaty. At the same time, the central bank continues to hew...

Persistent link: https://www.econbiz.de/10014357895

The macroeconomic effects of different CBDC regimes in an economy with a heterogeneous household sector

Magin, Jana Anjali; Neyer, Ulrike; Stempel, Daniel - 2023

Many central banks discuss the introduction of a Central Bank Digital Currency (CBDC). Empirical evidence suggests that households may differ in their willingness to hold CBDC. Against this background, this paper investigates the macroeconomic effects of different CBDC regimes in a New Keynesian...

Persistent link: https://www.econbiz.de/10014229087

Central bank capital as an instrument of monetary policy

Hampl, Mojmír; Havránek, Tomáš - 2018

We examine the use of central bank capital as an unconventional monetary policy tool. In this setting, a central bank employs digital currency to transfer digital cash to each household, thus supporting consumption directly when needed. The asset side of the central bank's balance sheet remains...

Persistent link: https://www.econbiz.de/10011833686

Optimal degrees of transparency in monetary policymaking

Jensen, Henrik - 2001

Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert … der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert …

Persistent link: https://www.econbiz.de/10011419293

Central bank transparency and inflation (volatility) : new evidence

Weber, Christoph S. - 2016

The last decades have shown a tendency towards higher central bank transparency. It became customary for central bankers to explain their monetary policy decisions in detail and for them to publish inflation forecasts. This leads to the question of how central bank transparency is entangled with...

Persistent link: https://www.econbiz.de/10011525911

Midas, Transmuting All, into Paper : The Bank of England and the Banque de France During the Revolutionary and Napoleonic Wars

Chadha, Jagjit - 2013

This paper assesses Revolutionary and Napoleonic wartime economic policy. Suspension of gold convertibility in 1797 allowed the Bank of England to nurture British monetary orthodoxy. The Order of the Privy Council suspended gold payments on Bank of England notes and afforded simultaneous...

Persistent link: https://www.econbiz.de/10013075548