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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...

Persistent link: https://www.econbiz.de/10015213768

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

Resolving Puzzles of Monetary Policy Transmission in Emerging Markets

HA, JONGRIM; Kim, Dohan; Kose, Ayhan M.; Prasad, Eswar - 2024

Persistent link: https://www.econbiz.de/10015214450

Monetary rules in an open economy with distortionary subsidies and inefficient shocks: A DSGE approach for Bolivia

Jemio Hurtado, Valeria - 2020

Through an estimated and calibrated DSGE model with imperfect competition and nominal rigidities, this work aims to assess the dynamic effects of exogenous perturbations in a small open economy to provide a prescription of a simple monetary policy rule associated with the minimal welfare losses...

Persistent link: https://www.econbiz.de/10015215124

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

FinTech and the COVID-19 Pandemic: Evidence from Electronic Payment Systems

Tut, Daniel - 2020

This paper investigates the effects of the Covid-19 pandemic on financial institutions and consumers’ adoption of FinTech in payments. We find that the pandemic: [1] Initially had a negative impact on the adoption of FinTech, but favorable short-term regulatory changes have reversed some of...

Persistent link: https://www.econbiz.de/10015216143

The Instability in the Monetary Policy Reaction Function and the Estimation of Monetary Policy Shocks

Kishor, N. Kundan; Newiak, Monique - 2009

paper show that a monetary policy shock in the pre-1979 period affects output and prices much more strongly and quickly than … prices to a monetary policy shock declined significantly between 1980-2001. We argue that this diminished response to the … monetary policy shock is the result of a successful monetary policy that has led to a less volatile economy. …

Persistent link: https://www.econbiz.de/10015218480

Money Growth Has Slowed Sharply—Should Anybody Care?

Tatom, John - 2006

Milton Friedman, one of greatest economists of all time, died on November 16, 2006 at age 94. He was famous for his conclusion that “inflation is always and everywhere a monetary phenomenon,” and for the related notion that ultimately the only thing a central bank, such as the Federal...

Persistent link: https://www.econbiz.de/10015218554

U.S. Monetary Policy and Stock Prices: Should the Fed Attempt to Control Stock Prices?

John, Tatom - 2009

This article rejects the linkages in proposals that the Federal Reserve Bank (Fed) target equity prices. The real federal funds rate (RFF) and stock prices (SP) are uncorrelated; causality tests show a positive effect of SP on RFF and a negative effect of SP on RFF. These results occur as part of...

Persistent link: https://www.econbiz.de/10015219874

Housing market dynamics and welfare

Büyükkarabacak, Berrak; Mykhaylova, Olena - 2010

We augment a closed-economy DSGE model with collateral constraints tied to real estate values by incorporating the time-to-build phenomenon in the housing construction sector. Adding construction sector delays significantly improves business cycle properties of the model relative to the versions...

Persistent link: https://www.econbiz.de/10015222012