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On the Equivalence of Private and Public Money
Brunnermeier, Markus K.; Niepelt, Dirk - 2019
and liquidity bubbles. We derive sufficient conditions for equivalence and apply them in the context of the “Chicago Plan …
Persistent link: https://www.econbiz.de/10012052847
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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/10012112080
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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/10012112096
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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/10011931926
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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/10011961435
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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/10011430095
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On the equivalence of private and public money
Brunnermeier, Markus K.; 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/10012271930
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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/10012420717
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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...
Persistent link: https://www.econbiz.de/10012425618
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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/10012671250