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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/10014278554
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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/10012605274
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CBDC and business cycle dynamics in a New Monetarist New Keynesian model
Assenmacher-Wesche, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014374684
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CBDC and Business Cycle Dynamics in a New Monetarist New Keynesian Model
Assenmacher, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014354929
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The Economics of Central Bank Digital Currency
Ahnert, Toni; Assenmacher, 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/10013403003
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The Relationship between Central Bank Auctions and Bill Market Liquidity
Bats, Joost; Hoondert, Jurian J.A - 2022
This paper investigates the relationship between central bank (reverse) auctions and bill market liquidity. The analysis includes data on the purchases of bills in the auctions by the Dutch Central Bank under the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP). The results...
Persistent link: https://www.econbiz.de/10013403023
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A monetary policy strategy in good and bad times: lessons from the recent past
Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011
inflation and growth. After the collapse of financial intermediation in late 2008, the strategy of the ECB was to preserve the …
Persistent link: https://www.econbiz.de/10011605382
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A Monetary Policy Strategy in Good and Bad Times : Lessons from the Recent Past
Fahr, Stephan - 2011
inflation and growth. After the collapse of financial intermediation in late 2008, the strategy of the ECB was to preserve the …
Persistent link: https://www.econbiz.de/10013126720
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Investigating inflation persistence across monetary regimes
Benati, Luca - 2008
Under inflation targeting inflation exhibits negative serial correlation in the United Kingdom, and little or no …, inflation appears to be (nearly) purely forward-looking, so that no mechanism introducing backward-looking components is … necessary to fit the data. These results question the notion that the intrinsic inflation persistence found in post-WWII U …
Persistent link: https://www.econbiz.de/10011604897
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Mind the Output Gap : The Disconnect of Growth and Inflation During Recessions and Convex Phillips Curves in the Euro Area
Groß, Marco - 2017
We develop a theoretical model that features a business cycle-dependent relation between output, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the co-efficient in the Phillips curve on the …
Persistent link: https://www.econbiz.de/10012963916