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Breaking the Gilt Standard - The Problem of Parity in Kumhof and Noone's Design Principles for Central Bank Digital Currencies

Bjerg, Ole - 2018

This paper is a critical engagement with the four design principles for Central Bank Digital Currency (CBDC) recently proposed by Kumhof and Noone (KN). It is argued that the implicit notion of parity underlying KN's analysis is too narrow as it is only focused on the exchange rate between CBDC...

Persistent link: https://www.econbiz.de/10014112133

Effects of Additional Monetary Tightening on Exchange Rate Volatility in Nigeria : 2007-2016

Adamu, Faith - 2017

This paper sets out to examine the effects of Additional Monetary Tightening (AMT) on exchange rate volatility in Nigeria during the period 2007 - 2016. Using a pseudo-events study approach, the paper identified all the episodes of AMT during the period, and constructed a dummy variable as the...

Persistent link: https://www.econbiz.de/10012966833

Designing New Money - The Policy Trilemma of Central Bank Digital Currency

Bjerg, Ole - 2017

The prospect of central banks issuing digital currency (CBDC) immediately raises the question of how this new form of money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the implementation of CBDC in terms of their monetary policy...

Persistent link: https://www.econbiz.de/10012954346

Kenneth S. Rogoff's The Curse of Cash

Luther, William J. - 2017

In his recent book, The Curse of Cash, Ken Rogoff makes the case for getting rid of hand-to-hand currency. The argument is relatively straightforward. Cash, according to Rogoff, is largely used to buy and sell illegal goods and services and evade taxes. It also places a lower bound on interest...

Persistent link: https://www.econbiz.de/10012955817

Bond Markets and Monetary Policy

Buraschi, Andrea - 2015

Since the early 1990's, and until the 2008 financial crisis, the main policy tool of the FOMC has been a nominal interest rate target. This paper surveys an extensive literature that studies the link between monetary policy and the dynamics of bond yields. This literature uses ‘high-frequency'...

Persistent link: https://www.econbiz.de/10013020623

Bond Markets and Unconventional Monetary Policy

Buraschi, Andrea - 2015

This paper is a comprehensive study of the discussion and empirical evidence about the impact of unconventional monetary policy on bond markets. The 2007/2008 Financial Crisis marks the beginning of a new monetary policy regime in which central banks engaged in different types of large scale...

Persistent link: https://www.econbiz.de/10013020631

Does the Purchase of Government Bonds by the ECB Endanger its Independence?

Sauer, Beate - 2015

Since May 2010 at the latest, the ECB has been criticized for financing government bonds – at least indirectly – and … for tolerating to be put under pressure by the fiscal side. The ECB itself has justified its securities markets programme … this procedure tantamount to endangering its independence? Or are their noticeable differences between the ECB as the …

Persistent link: https://www.econbiz.de/10013028248

Interest Rates 1 : What are Interest Rates?

Faure, Alexander Pierre - 2014

This is the first in a series of seven papers on interest rates and it covers the basic terms and information required for a fuller understanding of the significance of interest rates: the instruments that interest rates apply to, the bank interest margin which plays an important transmission...

Persistent link: https://www.econbiz.de/10013039796

Monetary Policy Reaction Function : Evidence from the Voting Dynamics of Monetary Policy Committee in Nigeria (2006-2015)

Adamu Bello, Usman - 2016

The substance of this paper resides in estimating the monetary policy reaction function for the Central Bank of Nigeria. A Taylor type rule was estimated using the quarterly data from 2006Q4 to 2015Q2. The generalized method of moment was use to estimate the baseline model and an open economy...

Persistent link: https://www.econbiz.de/10012986747

Financial Factors and Monetary Policy : Determinacy and Learnability of Equilibrium

Kitney, Paul - 2016

This paper contributes to the debate whether central banks should respond to asset prices, credit spreads and other financial factors in setting monetary policy, by evaluating determinacy and expectational stability of equilibria under various monetary policy rules. With adaptive learning,...

Persistent link: https://www.econbiz.de/10012987763