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Money in Monetary Policy Design Under Uncertainty : A Formal Characterization of ECB-Style Cross-Checking

Beck, Günter W.; Wieland, Volker - 2007

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies...

Persistent link: https://www.econbiz.de/10014052010

CBDC Policies in Open Economies

Kumhof, Michael; Pinchetti, Marco; Rungcharoenkitkul, … - 2023

We study the consequences for business cycles and welfare of introducing an interest-bearing retail CBDC, competing with bank deposits as medium of exchange, into an estimated 2-country DSGE environment. CBDC issuance of 30% of GDP increases output and welfare by around 6% and 2%, respectively....

Persistent link: https://www.econbiz.de/10014355836

US Monetary Policy Spillovers and Spillbacks

Thomas, Lina - 2023

I study spillovers of US monetary policy to the rest of the world, as well as spillbacks to the US economy in an empirical multi-country model over time. Within the multilateral framework, I distinguish the bilateral effect from the network effects that arise from interactions among recipient...

Persistent link: https://www.econbiz.de/10014256990

Central bank digital currency and monetary policy implementation

Caccia, Enea; Tapking, Jens; Vlassopoulos, Thomas - 2024

This paper discusses the impact that a retail central bank digital currency (CBDC) could have on the implementation of monetary policy. Monetary policy implementation could be affected if the introduction of the retail CBDC changes the volume of commercial bank deposits held by customers, which...

Persistent link: https://www.econbiz.de/10014517259

The impact of quantitative easing on bank loan supply and monetary policy implementation in the euro area

Horst, Maximilian; Neyer, Ulrike - 2019

excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first … part of this paper analyses the Eurosystem's liquidity management during normal times, crisis times and times of too low in … banks operate under a structural liquidity surplus. The model shows that increasing excess reserves have no or even a …

Persistent link: https://www.econbiz.de/10012099037

Monetary policy with reserves and CBDC : optimality, equivalence, and politics

Niepelt, Dirk - 2020

reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline …

Persistent link: https://www.econbiz.de/10012318352

Monetary policy with reserves and CBDC: optimality, equivalence, and politics

Niepelt, Dirk - 2020

reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline …

Persistent link: https://www.econbiz.de/10012318684

Monetary policy with reserves and CBDC: optimality, equivalence, and politics

Niepelt, Dirk - 2020

reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline …

Persistent link: https://www.econbiz.de/10012319572

Two-Tier System for Remunerating Excess Reserve Holdings

Boucinha, Miguel; Burlon, Lorenzo; Corsi, Marco; Valle, … - 2022

portion of banks’ excess liquidity (EL) holdings from the negative interest rate of the ECB’s deposit facility …

Persistent link: https://www.econbiz.de/10013491815

Money and Production, and Liquidity Trap

Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2006

, then the economy will fall into a liquidity trap today. …

Persistent link: https://www.econbiz.de/10005762579