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Hu, Bo; Watanabe, Makoto; Zhang, Jun - 2023

This article develops a model in which an intermediary uses a supply chain finance (SCF) program to fund suppliers. The SCF program pools liquidity from suppliers and meanwhile provides immediate payment to suppliers with pressing liquidity needs. We show that the intermediary optimally selects...

Persistent link: https://www.econbiz.de/10014469327

Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking

Li, Ye; Mayer, Simon - 2021

Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large...

Persistent link: https://www.econbiz.de/10012657966

The quantity theory of money and Friedmanian monetary policy: An empirical investigation

Hillinger, Claude; Süssmuth, Bernd; Sunder, Marco - 2012

We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect … directly on the relationship between the rate of change of the money stock and inflation. We believe that this is an inferior …

Persistent link: https://www.econbiz.de/10010281041

Money Creation in Decentralized Finance : A Dynamic Model of Stablecoin and Crypto Shadow Banking

Li, Ye; Mayer, Simon - 2021

Persistent link: https://www.econbiz.de/10013214344

How Money Relates to Value? An Empirical Examination on Gold, Silver and Bitcoin

Alves, José; Gonçalves, João Quental - 2022

The present work offers a review on two divergent schools of thought regarding the subject of money and highlights why … understanding it is important to grasp the workings and nature of the concept of money. We adopt a spontaneous order perspective on … social institutions, considering money as one. Such framework allows for the construction of axioms from which we formulate …

Persistent link: https://www.econbiz.de/10013266627

How Money Relates to Value? An Empirical Examination on Gold, Silver and Bitcoin

Gonçalves, João Quental; Alves, José - 2022

Persistent link: https://www.econbiz.de/10013293273

A Monetary Equilibrium with the Lender of Last Resort

Matsuoka, Tarishi; Watanabe, Makoto - 2023

This paper studies the role of a lender of last resort (LLR) in a monetary model where a shortage of a bank's monetary reserves (a liquidity crisis) occurs endogenously. We show that discount window lending by the LLR is welfare-improving but reduces banks' ex-ante incentive to hold monetary...

Persistent link: https://www.econbiz.de/10014377414

Drivers of Large Recessions and Monetary Policy Responses

Melina, Giovanni; Villa, Stefania - 2023

Shocks to capital utilization are introduced in a structural macroeconomic closed-economy model with financial frictions to capture disruptions on the ability of the capital stock to provide capital services used in production. Estimates for the Euro Area and the United States show that these...

Persistent link: https://www.econbiz.de/10014377564

Using Taylor Rules to Understand ECB Monetary Policy

Sauer, Stephan; Sturm, Jan-Egbert - 2003

Over the last decade, the simple instrument policy rule developed by Taylor (1993) has become a popular tool for evaluating monetary policy of central banks. As an extensive empirical analysis of the ECB's past behaviour still seems to be in its infancy, we estimate several instrument policy...

Persistent link: https://www.econbiz.de/10010315983

Monetary policy in a channel system

Berentsen, Aleksander; Monnet, Cyril - 2007

Channel systems for conducting monetary policy are becoming increasingly popular. Despite their popularity, the consequences of implementing policy with a channel system are not well understood. We develop a general equilibrium framework of a channel system and investigate the optimal policy. A...

Persistent link: https://www.econbiz.de/10010264077