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Economic and politico-economic equivalence
Gonzalez-Eiras, Martín; Niepelt, Dirk - 2012
We extend "economic equivalence" results, like the Ricardian equivalence proposition, to the political sphere where … environments with distorting taxes, economic equivalence relations between policies with different levels of debt do not extend to …
Persistent link: https://www.econbiz.de/10009539630
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On the equivalence of private and public money
Brunnermeier, Markus Konrad; Niepelt, Dirk - 2019
apply the equivalence result to the "Chicago Plan", cryptocurrencies, the Indian de-monetization experiment, and Central …
Persistent link: https://www.econbiz.de/10012023699
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Reserves for all? : central bank digital currency, deposits, and their (non)-equivalence
Niepelt, Dirk - 2018
banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for …) incentives for equivalence and argue that these conditions likely are violated, implying that RFA would change macroeconomic …
Persistent link: https://www.econbiz.de/10011889522
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Monetary policy with reserves and CBDC: optimality, equivalence, and politics
Niepelt, Dirk - 2020
We analyze policy in a two-tiered monetary system. Noncompetitive banks issue deposits while the central bank issues reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline business cycle model with "pseudo wedges" and derive...
Persistent link: https://www.econbiz.de/10012319572