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The optimal quantity of CBDC in a bank-based economy

Burlon, Lorenzo; Montes-Galdón, Carlos; Muñoz, Manuel A. - 2022

We provide evidence on the estimated effects of digital euro news on bank valuations and lending and find that they … depend on deposit reliance and design features aimed at calibrating the quantity of CBDC. Then, we develop a quantitative … bank intermediation and the economy. Under empirically-relevant assumptions (i.e., central bank collateral requirements and …

Persistent link: https://www.econbiz.de/10013328782

The optimal quantity of CBDC in a bank-based economy

Burlon, Lorenzo; Montes-Galdon, Carlos; Muñoz, Manuel A.; … - 2022

Persistent link: https://www.econbiz.de/10012806336

Price setting and price adjustment in some European Union countries: Introduction to the special issue

Levy, Daniel; Smets, Frank - 2010

European Central Bank's Inflation Persistence Network. …

Persistent link: https://www.econbiz.de/10010336066

Adaptive learning, persistence, and optimal monetary policy

Gaspar, Vítor; Smets, Frank; Vestin, David - 2006

expectations resemble optimal policy under commitment and rational expectations. Nevertheless, it is clear that the mechanism at … play is very different. In the case of commitment it relies on expectations of future policy actions affecting inflation …

Persistent link: https://www.econbiz.de/10011604690

US imbalances: the role of technology and policy

Bems, Rudolfs; Dedola, Luca; Smets, Frank - 2007

This paper investigates the role of three likely factors in driving the steady deterioration of the US external balance: US technology developments, changes in the US government fiscal position and the Fed’s monetary policy. Estimating several Vector Autoregressions on US data over the period...

Persistent link: https://www.econbiz.de/10011604765

Shocks and frictions in US business cycles: a Bayesian DSGE approach

Smets, Frank; Wouters, Raf - 2007

Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...

Persistent link: https://www.econbiz.de/10011604768

International transmission and monetary policy cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10011604904

A quantitative perspective on optimal monetary policy cooperation between the US and the euro area

Adjemian, Stéphane; Darracq Pariès, Matthieu; Smets, Frank - 2008

The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric framework. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and the...

Persistent link: https://www.econbiz.de/10011604930

House Prices and the stance of Monetary Policy.

Jarociński, Marek; Smets, Frank - 2008

This paper estimates a Bayesian VAR for the US economy which includes a housing sector and addresses the following questions. Can developments in the housing sector be explained on the basis of developments in real and nominal GDP and interest rates? What are the effects of housing demand shocks...

Persistent link: https://www.econbiz.de/10011604937

Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence

Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - 2006

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are - i) Under the current monetary policy regime, the...

Persistent link: https://www.econbiz.de/10011606198

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