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Monetary Policy Implementation : Misconceptions and Their Consequences
Disyatat, Piti - 2013
Despite constituting the very heart of the monetary transmission mechanism, widespread misconceptions still exist regarding how monetary policy is implemented. This paper highlights the key misconceptions in this regard and shows how they have compromised the understanding of important aspects...
Persistent link: https://www.econbiz.de/10012710838
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The Bank Lending Channel Revisited
Disyatat, Piti - 2011
A central proposition in research on the role of banks in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits act as the driving force of bank lending. This paper argues that the emphasis on policy-induced changes in deposits is misplaced. A...
Persistent link: https://www.econbiz.de/10013122491
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The Bank Lending Channel Revisited
Disyatat, Piti - 2013
A central proposition in research on the role that banks play in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits, insofar as they constitute the supply of loanable funds, act as the driving force of bank lending. This paper argues that the...
Persistent link: https://www.econbiz.de/10013095074
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Do we need central bank digital currency? : economics, technology and institutions
Gnan, Ernest (ed.); Masciandaro, Donato (ed.) - Do We Need Central Bank Digital Currency?: Economics, …; … - 2018
Persistent link: https://www.econbiz.de/10011944433
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Quantum Money
Ledenyov, Dimitri - 2015
The quantum money (q-money) as a possible convenient, socially innovative, technologically attractive and user … a number of topics: 1. The historical evolution of the money in the financial systems within the economies of the scales … and scopes over the centuries. 2. The definition on the electronic money in the financial systems within the economies of …
Persistent link: https://www.econbiz.de/10013011623
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Who Should Make Kroner? - A Review of Danmarks Nationalbank's Analysis of CBDC
Bjerg, Ole - 2018
This paper is a review of Danmarks Nationalbank's recent analysis of the prospects of implementing a Central Bank Digital Currency (CBDC) in Denmark. We concur with Nationalbanken's conclusion that CBDC does not add efficiency or further functionality to existing payment solutions. We argue,...
Persistent link: https://www.econbiz.de/10012927422
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Designing New Money - The Policy Trilemma of Central Bank Digital Currency
Bjerg, Ole - 2017
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 implications. In the ‘money user scenario' CBDC co-exists with both cash and … commercial bank deposits. In the ‘money manager scenario' cash is abolished and CBDC co-exists only with commercial bank deposits …
Persistent link: https://www.econbiz.de/10012954346
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Croatian Monetary Strategy in the Conditions of Globalization
Matic, Branko - 2008
The author starts from the assumption that Croatia will access the European Union. Following this assumption, he analyzes the possible scenarios of Croatian monetary strategy based on the achievements of the country's monetary policy, on the degree of acceptance of the convergence criteria and...
Persistent link: https://www.econbiz.de/10012772105
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Do Central Banks‘ repo Transactions and Liquidity Infusions Increase Financial Stability Risks? A Case for Circular Monetary Economics
Kouam, Henri - 2020
Central banks repo market operations and liquidity infusions occasion a structural liquidity mismatch in bank balance sheets and increase the dependence on central bank liquidity. This paper argues for what I term “Circular Monetary Economics”, an approach to monetary policy that seeks to...
Persistent link: https://www.econbiz.de/10012825201
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Constructing divisia monetary aggregates for Singapore
Barnett, William A.; Nguyen, Van H. - In: Journal of risk and financial management : JRFM 14 (2021) 8, pp. 1-15
Since Barnett derived the user cost price of money, the economic theory of monetary services aggregation has been … money. Is that because quantities of money are irrelevant to economic activity? To examine the role of monetary quantities … Singapore, this paper applies the user cost of money formula and the recently developed credit-card-augmented Divisia monetary …
Persistent link: https://www.econbiz.de/10012626752