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Most macroeconomic models treat the central bank and the trea-sury as a unified entity. The balance sheet of the central bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance sheet has implications for central bank independence....
Persistent link: https://www.econbiz.de/10011399700
Persistent link: https://www.econbiz.de/10002380288
Most macroeconomic models treat the central bank and the treasury as a unified entity. The balance sheet of the central bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance sheet today, with the US and ESCB balance sheets nearly...
Persistent link: https://www.econbiz.de/10001623720
Persistent link: https://www.econbiz.de/10011381686
Persistent link: https://www.econbiz.de/10011381688
Using a simple general equilibrium model, we argue that it would be appropriate for a central bank with a large balance sheet composed of long-duration nominal assets to have access to, and be willing to ask for, support for its balance sheet by the fiscal authority. Otherwise its ability to...
Persistent link: https://www.econbiz.de/10013043485
Most macroeconomic models treat the central bank and the treasury as a unified entity. The balance sheet of the central bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance sheet has implications for central bank independence....
Persistent link: https://www.econbiz.de/10013320830
Using a simple general equilibrium model, we argue that it would be appropriate for a central bank with a large balance sheet composed of long-duration nominal assets to have access to, and be willing to ask for, support for its balance sheet by the fiscal authority. Otherwise its ability to...
Persistent link: https://www.econbiz.de/10010439643