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Whatever it takes to save the planet? : central banks and unconventional green policy

Ferrari, Alessandro; Landi, Valerio Nispi - 2020

We study the effects of a temporary Green QE, defined as a policy that temporarily tilts the central bank's balance sheet toward green bonds, i.e. bonds issued by firms in non-polluting sectors. To this purpose, we merge a standard DSGE framework with an environmental model. In our model,...

Persistent link: https://www.econbiz.de/10012384477

What explains the growing global demand for cash?

Shirai, Sayuri; Sugandi, Eric Alexander - 2019

Demand for cash is generally known to be influenced by several factors−including transaction motive used for payment, opportunity cost, precautionary motive (such as crisis period), and other motives (such as aging and demand from abroad). In recent years, cashless payment methods have...

Persistent link: https://www.econbiz.de/10012101636

Do we need central bank digital currency? : economics, technology and institutions

Gnan, Ernest (ed.); Masciandaro, Donato (ed.) - Do We Need Central Bank Digital Currency?: Economics, …; … - 2018

Persistent link: https://www.econbiz.de/10011944433

The financial market effects of the ECB's asset purchase programs

Lewis, Vivien; Roth, Markus - 2017

The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to non-financial firms. Using a structural vector...

Persistent link: https://www.econbiz.de/10011712553

Central Bank communication with the general public : promise or false hope?

Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; … - 2022

Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust. This article surveys a rapidly-growing literature on...

Persistent link: https://www.econbiz.de/10013329414

Toward a green economy : the role of central bank's asset purchases

Ferrari, Alessandro; Landi, Valerio Nispi - 2023

We use a DSGE model to study the effectiveness of green-asset purchases by the central bank (Green QE), along the transition to a carbon-free economy driven by an emission tax, abstracting from price stability considerations. We find that Green QE helps to further reduce emissions, especially in...

Persistent link: https://www.econbiz.de/10013552671

Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik

Heimberger, Philipp - 2016

Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Wachstum und Beschäftigung, was die Eurozonenwirtschaft im Zusammenspiel mit der über weite Strecken zögerlichen Geldpolitik … prozyklische, krisenverstärkende Fiskalpolitik befördert. Die EZB ist mit ihrer seit Anfang 2015 betriebenen Geldpolitik des …

Persistent link: https://www.econbiz.de/10012100198

Central bank communication in the financial crisis : evidence from a survey of financial market participants

Hayo, Bernd; Neuenkirch, Matthias - 2014 - This version: 9 January 2014

In this paper, we study whether central bank communication has a positive effect on market participants' perception of central banks' (i) credibility, (ii) unorthodox measures, and (iii) independence. We utilise a survey of more than 500 financial market participants from around the world who...

Persistent link: https://www.econbiz.de/10010356195

Central bank communication in the financial crisis : evidence from a survey of financial market participants

Hayo, Bernd; Neuenkirch, Matthias - 2014 - This version: 9 January 2014

In this paper, we study whether central bank communication has a positive effect on market participants’ perception of central banks’ (i) credibility, (ii) unorthodox measures, and (iii) independence. We utilise a survey of more than 500 financial market participants from around the world...

Persistent link: https://www.econbiz.de/10010226327

Reserve Bank of India's policy dilemmas : reconciling policy goals in times of turbulence

Carrasco, Bruno; Mukhopadhyay, Hiranya - 2014

This paper reviews some of the more critical policy dilemmas facing the Reserve Bank of India (RBI) in its pursuit of inflation stabilization and balanced growth objectives. The challenge in meeting these objectives further increased in the mid-2000s with the advent of large capital flows into...

Persistent link: https://www.econbiz.de/10010336928