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Central bank digital currency, economic growth and inflation
Ozili, Peterson K - 2024
This study investigates the effect of CBDC issuance on economic growth rate and inflation rate in Nigeria. We are … interested in determining whether the rate of economic growth and inflation changed significantly after the issuance of a non …-interest bearing CBDC in Nigeria. Two-stage least square regression and granger causality test were used to analyse the data. Inflation …
Persistent link: https://www.econbiz.de/10015213768
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Resolving Puzzles of Monetary Policy Transmission in Emerging Markets
HA, JONGRIM; Kim, Dohan; Kose, Ayhan M. - 2024
Conventional empirical models of monetary policy transmission in emerging market economies produce puzzling results: monetary tightening often leads to an increase in prices (the price puzzle) and depreciation of the currency (the FX puzzle). We show that incorporating forward-looking...
Persistent link: https://www.econbiz.de/10015214422
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Resolving Puzzles of Monetary Policy Transmission in Emerging Markets
HA, JONGRIM; Kim, Dohan; Kose, Ayhan M.; Prasad, Eswar - 2024
Conventional empirical models of monetary policy transmission in emerging market economies produce puzzling results: monetary tightening often leads to an increase in prices (the price puzzle) and depreciation of the currency (the FX puzzle). We show that incorporating forward-looking...
Persistent link: https://www.econbiz.de/10015214450
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Free Banking, the Real-Balance Effect, and Walras´ Law
van den Hauwe, Ludwig - 2008
The author of this article draws special attention to two particular claims of the free bankers concerning the supposed working characteristics of a fractional-reserve free banking system which may strike the reader as questionable. The first of these relates to the alleged absence of a...
Persistent link: https://www.econbiz.de/10015214871
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Credit Expansion, the Prisoner´s Dilemma, and Free Banking as Mechanism Design
van den Hauwe, Ludwig - 2008
Despite the distinctive character of the Austrian approach to “microfoundations for macroeconomics”, the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner´s Dilemma model. While there can be no...
Persistent link: https://www.econbiz.de/10015215390
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Free Banking, the Real-Balance Effect, and Walras´ Law
van den Hauwe, Ludwig - 2008
The author of this article draws special attention to two particular claims of the free bankers concerning the supposed working characteristics of a fractional-reserve free banking system which may strike the reader as questionable. The first of these relates to the alleged absence of a...
Persistent link: https://www.econbiz.de/10015218143
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Free Banking, the Real-Balance Effect, and Walras´ Law
van den Hauwe, Ludwig - 2008
The author of this article draws special attention to two particular claims of the free bankers concerning the supposed working characteristics of a fractional-reserve free banking system which may strike the reader as questionable. The first of these relates to the alleged absence of a...
Persistent link: https://www.econbiz.de/10015218172
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Monetary Business Cycle Accounting
Sustek, Roman - 2009
This paper investigates the quantitative importance of various types of frictions for inflation and nominal interest … rate dynamics by extending business cycle accounting to monetary models. Representing a variety of real and nominal …
Persistent link: https://www.econbiz.de/10015218319
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The role of real and nominal variables in defining business cycles: dynamic properties of a hybrid model - an alternative view
Chirwa, Themba G. - 2009
The paper provides an alternative view to the Real and New Keynesian business cycle theories. The paper focuses on the … real and nominal variables in defining the shape of a business cycle (or output gap). An economy-specific variable … (inflation) is introduced in the production function and is used to control the severity, persistence and magnitude of a given …
Persistent link: https://www.econbiz.de/10015219251
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Loss avoidance in nominal frames and fairness in downward nominal wage rigidity and disinflation
Lunardelli, André - 2009
that policies with good frames, including inflation targeting, can mitigate the sacrifice ratio. …
Persistent link: https://www.econbiz.de/10015220494