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Gertler, Pavel - 2016

This paper uses a cross-country database covering 46 economies over the post-war period to revisit two key monetary facts: (i) the long-run link between money growth and inflation and (ii) the link between credit growth and financial crises. The analysis reveals that the former has weakened over...

Persistent link: https://www.econbiz.de/10012989876

Is the Long-Term Interest Rate a Policy Victim, a Policy Variable or a Policy Lodestar?

Turner, Philip - 2014

Few financial variables are more fundamental than the 'risk free' real long-term interest rate because it prices the …

Persistent link: https://www.econbiz.de/10013066952

A Risk-Centric Model of Demand Recessions and Macroprudential Policy

Caballero, Ricardo J. - 2019

We theoretically analyze the interactions between asset prices, nancial speculation, and macroeconomic outcomes when … output is determined by aggregate demand. If the interest rate is constrained, a rise in the risk premium lowers asset prices … and generates a demand recession. This reduces earnings and generates a feedback loop between asset prices and aggregate …

Persistent link: https://www.econbiz.de/10012898808

Implementing Monetary Policy in the 2000s : Operating Procedures in Asia and Beyond

Ho, Corrinne - 2013

Just as monetary policy at the strategic level has undergone significant changes over the years, so has its day-to-day implementation. This paper documents the key features of 17 central banks' monetary operating frameworks as of early 2007 and discusses their major developments over the...

Persistent link: https://www.econbiz.de/10014216397

Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Contagion Risk?

Carlson, Mark - 2017

As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the interbank system to meet seasonal and other demands, but...

Persistent link: https://www.econbiz.de/10012966886

Informal One-Sided Target Zone Model and the Swiss Franc

Chen, Yu-Fu - 2017

This paper develops a new theoretical model with an asymmetric informal one-sided exchange rate target zone, with an application to the Swiss franc following the removal of the minimum exchange rate of CHF 1.20 per euro in January 2015. We extend and generalize the standard target zone model of...

Persistent link: https://www.econbiz.de/10012948579

Payments, Credit and Asset Prices

Piazzesi, Monika - 2018

intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the …

Persistent link: https://www.econbiz.de/10012914919

Beyond the Doomsday Economics of 'Proof-of-Work' in Cryptocurrencies

Auer, Raphael A. - 2019

This paper discusses the economics of how Bitcoin achieves data immutability, and thus payment finality, via costly computations, ie "proof-of-work". Further, it explores what the future might hold for cryptocurrencies modelled on this type of consensus algorithm. The conclusions are, first,...

Persistent link: https://www.econbiz.de/10012893259

Interpreting TARGET2 Balances

Cecchetti, Stephen G. - 2014

The increase in the TARGET2 balance for the Bundesbank has led to a debate in Germany about the appropriate interpretation and policy response, if any. In this paper we review the evidence for the current account financing interpretation, and find it wanting in explaining the data in 2012. BIS...

Persistent link: https://www.econbiz.de/10013064804

Monetary Analysis and the Global Financial Cycle : An Asian Central Bank Perspective

Filardo, Andrew J. - 2014

EM Asia has seen a transformation of its monetary policy environment over the past 2 decades. By far, the most relevant change has been the maturing of its financial systems and the growing relevance of the global financial cycle: financial inclusion has spread, financial markets have deepened...

Persistent link: https://www.econbiz.de/10013047524

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