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CBDC as competitor for bank deposits and cryptocurrencies
Fuchs, Max - 2022
Private cryptocurrencies allow for payments without the need for a financial institution. These institutions, the central bank and retail banks, may thus observe a decline in the demand for their payments systems, i.e. cash and deposits. Using the monetary search model of Lagos and Wright...
Persistent link: https://www.econbiz.de/10013338754
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Unconventional government debt purchases as a supplement to conventional monetary policy
Ellison, Martin; Tischbirek, Andreas - In: Journal of Economic Dynamics and Control 43 (2014) C, pp. 199-217
In response to the Great Financial Crisis, the Federal Reserve, the Bank of England and many other central banks have adopted unconventional monetary policy instruments. We investigate if one of these, purchases of long-term government debt, could be a valuable addition to conventional...
Persistent link: https://www.econbiz.de/10010776905
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Quantitative easing and the loan to collateral value ratio
Damjanovic, Tatiana; Girdėnas, Šarūnas - In: Journal of Economic Dynamics and Control 45 (2014) C, pp. 146-164
either the loan to value ratio declines or house prices fall, we observe a decrease in the money multiplier. We argue that … the central bank should respond to the fall in the money multiplier and therefore to the reduction in house prices or the … money multiplier in response to the drop in the loan to collateral value ratio. …
Persistent link: https://www.econbiz.de/10011051939
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Monetary policy transmission in vector autoregressions: A new approach using central bank communication
Neuenkirch, Matthias - 2011
In this paper, we study the role central bank communication plays in the monetary policy transmission mechanism. We employ the Swiss Economic Institute's Monetary Policy Communicator to measure the future stance of the European Central Bank's monetary policy. Our results indicate that, first,...
Persistent link: https://www.econbiz.de/10010286360
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When Does the Introduction of a New Currency Improve Welfare?
Fuchs, Max; Michaelis, Jochen - 2021
search model of Kiyotaki and Wright (1993), we show how the introduction of a supplement to traditional money affects average … of cash traders who will be replaced by digital money traders. …
Persistent link: https://www.econbiz.de/10012543687
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Is a secondary currency essential? On the welfare effects of a new currency
Fuchs, Max; Michaelis, Jochen - 2022
traders who will be replaced by digital money traders. …
Persistent link: https://www.econbiz.de/10013193556
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Does a CBDC reinforce inefficiencies?
Fuchs, Max - 2022
suboptimal amount of money, increases further. To get some answers, the monetary search model of Trejos and Wright (1995) is … costs for cash holders and money supply increase. Nevertheless, a CBDC is able to increase welfare as long as the share of …
Persistent link: https://www.econbiz.de/10013427777
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Pairwise trade, asset prices, and monetary policy
Nosal, Ed; Rocheteau, Guillaume - In: Journal of Economic Dynamics and Control 37 (2013) 1, pp. 1-17
We construct a search-theoretic model where fiat money coexists with real assets, and all assets can be used as a media … facts: (i) fiat money can be valued despite being dominated in its rate of return; (ii) real assets with identical dividend …
Persistent link: https://www.econbiz.de/10010871014
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Money, random matching and endogenous growth: A quantitative analysis
Chu, Angus C.; Kan, Kamhon; Lai, Ching-Chong; Liao, … - In: Journal of Economic Dynamics and Control 41 (2014) C, pp. 173-187
In this study, we develop a search-and-matching monetary growth model to analyze the effects of inflation on economic growth and social welfare by introducing endogenous economic growth via capital externality into a two-sector search-and-matching model. We find that the channel through which...
Persistent link: https://www.econbiz.de/10010779382
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Währungswettbewerber Facebook: Ökonomische Implikationen der Corporate Cryptocurrency Libra
Hanl, Andreas - 2019
Nach dem Versuch unzahliger Kryptowährungen das Finanzwesen zu revolutionieren und den ersten Schritten nationaler Notenbanken in Richtung einer Digitalisierung des Geldwesens, folgen nun privatwirtschaftliche Großprojekte. Das maßgeblich von Facebook vorangetriebene Libra will den Zugang zu...
Persistent link: https://www.econbiz.de/10012156214