Both the Fed's defenders and critics focus on macroeconomic questions. What is the correct monetary policy? Does the economy need an “activist” Fed? Should the central bank intervene to reduce unemployment, or focus on keeping prices stable? Should the Fed target interest rates or nominal...

This paper analyzes a government's incentives to provide fi nancial assistance to a public bank which is hit by a liquidity shock. We show that discretionary decisions about emergency liquidity assistance result in either excessively small or excessively large liquidity injections in a wide...

Geldpolitik der Deutschen Bundesbank von 1975-1998 Analyseansätze zur geldpolitischen Effizienz Monetäre Ordnungspolitik im Rahmen der allgemeinen Wirtschaftsordnung Institutionelle Grundlagen der deutschen Geldordnung Institutionenökonomische Implikationen europäischer Geldpolitik

There is not an overwhelming case to be made that the Federal Reserve System (FRS) should be analyzed as a bureau instead of as a firm or set of firms. Accordingly, I discuss the formation of the FRS in relation to the framework developed by William Gartner for describing the phenomenon of new...

Current research on cloud computing often focuses on the technology itself and the benefits that one company can use and choose from cloud services. Most of the research has focused on mainstream enterprises and limited regard to Central Banks' (CBs') Cloud Computing Adoption (CCA). CBs are...

This paper develops an overlapping-generations model with heterogeneous agents in terms of earning ability and cash-in-advance constraint. It shows that tax pol- icy cannot fully replicate or neutralize the redistributive implications of monetary policy. While who gets the extra money becomes...

Monetary and fiscal policies face huge challenges: the banking sector has collapsed; the economy is in the midst of a deep recession; the exchange rate has plunged; capital flows have been frozen; inflation is elevated; public debt has risen; source of revenues have disappeared; social needs have...