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Year of publication
Subject
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Geldmengensteuerung 2,146 Monetary targeting 2,017 Geldpolitik 1,084 Monetary policy 1,031 Theorie 930 Theory 901 USA 593 United States 586 Deutschland 283 Geldmenge 275 Money supply 247 Germany 243 Inflation targeting 186 Inflationssteuerung 186 Zinspolitik 165 Inflation 161 Interest rate policy 155 Regelbindung versus Diskretion 147 Rules versus discretion 146 Geldpolitisches Ziel 145 Zentralbank 143 Monetary target 140 Central bank 128 Geldtheorie 126 Zins 126 EU-Staaten 121 Interest rate 121 Monetary theory 119 EU countries 116 Quantitative easing 114 Inflationsbekämpfung 111 Quantitative Lockerung 107 Anti-inflation policy 104 Großbritannien 88 Schätzung 85 United Kingdom 82 Eurozone 81 Euro area 80 Estimation 78 Wirkungsanalyse 76
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Online availability
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Free 512 Undetermined 147
Type of publication
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Article 1,140 Book / Working Paper 1,005 Journal 1
Type of publication (narrower categories)
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Article in journal 920 Aufsatz in Zeitschrift 920 Working Paper 543 Graue Literatur 527 Non-commercial literature 527 Arbeitspapier 484 Aufsatz im Buch 190 Book section 190 Hochschulschrift 113 Thesis 103 Bibliografie enthalten 31 Bibliography included 31 Collection of articles of several authors 26 Sammelwerk 26 Collection of articles written by one author 25 Sammlung 25 Article 24 Konferenzschrift 22 Conference proceedings 16 Dissertation u.a. Prüfungsschriften 14 Amtsdruckschrift 9 Government document 9 Conference paper 8 Konferenzbeitrag 8 Commentary 7 Kommentar 7 Aufsatzsammlung 6 Systematic review 5 Übersichtsarbeit 5 Rezension 3 Mehrbändiges Werk 2 Multi-volume publication 2 Book review 1 CD-ROM, DVD 1 Elektronischer Datenträger 1 Festschrift 1 Forschungsbericht 1 Lehrbuch 1 Monografische Reihe 1 Reprint 1
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Language
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English 1,703 German 334 Spanish 28 French 23 Russian 16 Italian 9 Hungarian 7 Croatian 6 Portuguese 5 Undetermined 5 Polish 4 Norwegian 2 Bulgarian 1 Czech 1 Finnish 1 Latvian 1 Macedonian 1 Serbian 1 Turkish 1 Ukrainian 1
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Author
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McCallum, Bennett T. 28 Issing, Otmar 25 Scheide, Joachim 25 Haslag, Joseph H. 24 Martin, Antoine 22 Berentsen, Aleksander 18 Hagen, Jürgen von 18 Svensson, Lars E. O. 17 Bhattacharya, Joydeep 16 Gerberding, Christina 16 Christiano, Lawrence J. 15 Teles, Pedro 15 Friedman, Benjamin M. 14 Karanassou, Marika 14 Schmitt-Grohé, Stephanie 14 Snower, Dennis J. 14 Uribe, Martín 14 Beyer, Andreas 13 Bordo, Michael D. 13 Nelson, Edward 13 Rocheteau, Guillaume 13 Rohde, Armin 13 Ireland, Peter N. 12 Kehoe, Patrick J. 11 Dotsey, Michael 10 Duwendag, Dieter 10 Neumann, Manfred J. M. 10 Pohl, Rüdiger 10 Sala, Hector 10 Taylor, John B. 10 Walsh, Carl E. 10 Andolfatto, David 9 Belongia, Michael T. 9 Gaspar, Vítor 9 Wieland, Volker 9 Adão, Bernardino 8 Chadha, Jagjit 8 Choudhri, Ehsan U. 8 Correia, Isabel Horta 8 Fischer, Stanley 8
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Institution
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National Bureau of Economic Research 33 Institut für Weltwirtschaft 7 Federal Reserve Bank of Cleveland 5 Central Bank of Nigeria 3 Federal Reserve Bank of New York 3 Rutgers University / Department of Economics 3 USA / Congress / House of Representatives / Committee on Banking, Finance and Urban Affairs / Subcommittee on Domestic Monetary Policy 3 Banca d'Italia 2 Federal Reserve Bank of Boston 2 Federal Reserve Bank of Chicago 2 Federal Reserve Bank of Kansas City / Research Division 2 Goethe-Universität Frankfurt am Main 2 Kiel Institute for the World Economy 2 Nationalekonomiska Institutionen <Lund> 2 Sonderforschungsbereich Quantifikation und Simulation Ökonomischer Prozesse 2 African Economic Research Consortium 1 Australian National University / Research School of Pacific and Asian Studies / Economics Division 1 Banco de Portugal / Departamento de Estatística e Estudos Económicos 1 Bank für Internationalen Zahlungsausgleich / Währungs- und Wirtschaftsabteilung 1 Birmingham Business School 1 Centre for Banking and International Finance at the City University 1 Centre for the Study of African Economies 1 Centro di Economia Monetaria e Finanziaria Paolo Baffi 1 Conference on Monetary Policy Rules <1998, Stockholm> 1 Conference on Research in Business Cycles <1998, Stanford, Calif.> 1 Deutsche Bundesbank <Frankfurt, Main> / Volkswirtschaftliche Forschungsgruppe 1 Federal Reserve Bank of Dallas 1 Federal Reserve Bank of Dallas / Research Department 1 Federal Reserve Bank of Kansas City 1 Federal Reserve System / Division of Research and Statistics 1 Foerder Institute for Economic Research <Tēl-Āvîv> 1 HWWA-Institut für Wirtschaftsforschung 1 Innocenzo Gasparini Institute for Economic Research <Mailand> 1 Institut für Höhere Studien 1 Institut für Medienentwicklung und Kommunikation <Frankfurt, Main> 1 Institut für Wirtschaftspolitik <Köln> 1 Institut ėkonomiki <Moskau> 1 Institute for Research in the Behavioral, Economic, and Management Sciences 1 Institute of Government and Public Affairs of the University of California, Los Angeles 1 Internationaler Währungsfonds 1
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Published in...
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Working paper / National Bureau of Economic Research, Inc. 61 Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 47 Discussion paper / Centre for Economic Policy Research 33 Journal of macroeconomics 31 NBER working paper series 31 Journal of monetary economics 29 Monatsbericht / Deutsche Bundesbank 27 Journal of money, credit and banking : JMCB 26 NBER Working Paper 20 Wirtschaftsdienst 20 Working paper 16 Europäische Hochschulschriften / 5 14 Review / Federal Reserve Bank of St. Louis 13 Economic review 12 Kredit und Kapital 12 The Indian economic journal 11 Journal of economic dynamics & control 10 Kiel Working Paper 10 Macroeconomic dynamics 10 Economics letters 9 Finance and economics discussion series 9 Journal of international money and finance 9 The Taylor rule and the transformation of monetary policy 9 Working Paper 9 CFS working paper series 8 Economic inquiry : journal of the Western Economic Association International 8 European economic review : EER 8 Journal of economic theory 8 Staff report / Research Department, Federal Reserve Bank of Minneapolis 8 Staff reports / Federal Reserve Bank of New York 8 Sveriges Riksbank working paper series 8 Working paper series / Federal Reserve Bank of Richmond 8 Working papers / Bank of England 8 Australian economic papers 7 BIS working papers 7 IMES discussion paper series / Englische Ausgabe 7 Journal of banking & finance 7 Kieler Arbeitspapiere 7 The Cato journal : an interdisciplinary journal of public policy analysis 7 Applied economics 6
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Source
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ECONIS (ZBW) 2,037 EconStor 84 USB Cologne (EcoSocSci) 21 RePEc 2 USB Cologne (business full texts) 1 BASE 1
Showing 1 - 50 of 2,146
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The narrow channel of quantitative easing : evidence from YCC down under
Lucca, David O.; Wright, Jonathan H. - 2022
We study the recent Australian experience with yield curve control (YCC) of government bonds as perhaps the best evidence of how this policy might work in other developed economies. We interpret the evidence with a simple model in which YCC affects prices of both government and other bonds via...
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Central bank digital currency : a review and some macro-financial implications
Chen, Hongyi; Siklos, Pierre L. - 2022
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Money Still Matters – The Implications of M4X for Quantitative Easing
Smith, David B. - 2021
UK's fiscal profligacy is exacerbating the downturnIn the twenty-sixty IEA Discussion Paper, Professor David B. Smith examines M4X as a measure of the supply of broad money.It has been argued that quantitative easing (QE) is designed to prevent a collapse of broad money. However, the official M4...
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On Activist Monetary Policy with Rational Expectations
Fischer, Stanley - 2021
The paper examines the case for activist monetary policy. It accepts the view that expectations are formed rationally, but not the implication of flexible price, equilibrium, rational expectations models, that monetary policy cannot and should not be used to affect real magnitudes. The paper...
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Bitcoin’s Value Proposition : Shorting Expansionary Monetary Policies
Morillon, Thibaut G. - 2021
In this paper I discuss Bitcoin’s defining features that make it a unique asset. I argue that Bitcoin should not be considered as a single purpose asset only, but rather as a new digital financial asset serving several function. In addition to functioning as a means of payment (at least...
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Activist Monetary Policy, Imperfect Capital Mobility, and the Overshooting Hypothesis
Papell, David H. - 2021
The hypothesis of exchange rate over shooting is investigated in the context of a model that incorporates activist monetary policy, variable output, imperfect capital mobility, and slow price adjustment. Monetary policy which accommodates prices and/or interest rates is shown to increase the...
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Money Growth Variability and Money Supply Interdependence Under Interestrate Control : Some Evidence for Canada
Bordo, Michael D.; Choudhri, Ehsan U.; Schwartz, Anna J. - 2021
Canada, like many countries, has recently experienced difficulties in achieving money growth stability and money supply independence. Based on the buffer-stock view of money-holding as well as the credit market approach to the money supply, this paper suggests that the problems have arisen from...
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Monetary Policy with a Credit Aggregate Target
Friedman, Benjamin M. - 2021
The principal criteria for the selection of an intermediate target for monetary policy are (1) that the target be closely related to the nonfinancial objectives of monetary policy, (2) that it contain information about the future movements of those relevant aspects of the nonfinancial economy,...
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Impact of e-money on money supply : Estimation and policy implication for Bangladesh
Mehedi Nizam, Ahmed - 2021
With the rapid proliferation of mobile telephony and the establishment of an IT-enabled payment and settlement system, Bangladesh, nowadays, is experiencing a meteoric rise in the usage of mobile financial services (MFS). As more and more people are opting to use this service, a huge number of...
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Interest Rates, Money Supply Announcements, and Monetary Base Announcements
Huizinga, John P.; Leiderman, Leonardo - 2021
This paper presents a new set of empirical regularities on the link between interest rates, money supply announcements and monetary base announcements. Among the main findings reported are: (i) unexpected increases in the announced monetary base have a significantly positive effect on interest...
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Optimality of the Friedman Rule in Economies with Distorting Taxes
Chari, Varadarajan V.; Christiano, Lawrence J.; Kehoe, … - 2021
We find conditions for the Friedman rule to be optimal in three standard models of money. These conditions are homotheticity and separability assumptions on preferences similar to those in the public finance literature on optimal uniform commodity taxation. We show that there is no connection...
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Targeting Rules for Monetary Policy
Aizenman, Joshua; Frenkel, Jacob A. - 2021
This paper develops an analytical framework for the analysis of targeting rules for monetary policy. We derive the optimal money supply rule and analyze the implications of other monetary rules including rules that target nominal GNP, the price level, the monetary growth rate and the...
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Implementing the Friedman Rule
Ireland, Peter N. - 2021
In cash-in-advance models, necessary and sufficient conditions for the existence of an equilibrium with zero nominal interest rates and Pareto optimal allocations place restrictions mainly on the very long-run, or asymptotic, behavior of the money supply. When these asymptotic conditions are...
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Optimal Control of the Money Supply
Litterman, Robert - 2021
Using optimal control theory and a vector autoregressive representation of the relationship between money and interest rates, one can derive a feedback control procedure which defines the best possible tradeoff between interest rate volatility and money supply fluctuations and which could be...
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The Structure of Expectations of the Weekly Money Supply Announcement
Urich, Thomas; Wachtel, Paul - 2021
This paper examines the structure of expectations of the weekly money supply announcement in the late 1970s. The data used are from a weekly telephone survey of money market participants. The rationality and structure of expectations are explored with the data organized in three ways:the mean...
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The Effects of Inflation and Money Supply Announcements on Interest Rates
Urich, Thomas; Wachtel, Paul - 2021
This paper examines the impact of the money supply and inflation rate announcements on interest rates. Survey data on expectations of the money supply and consumer and producer price indexes are used to distinguish anticipated and unanticipated components of the announcements. This distinction...
Persistent link: https://ebtypo.dmz1.zbw/10013217228
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Targets and Instruments of Monetary Policy
Friedman, Benjamin M. - 2021
The notion of targets and instruments is basic to the conceptual framework that economists have used to bring economic analysis to bear on practical issues of how central banks can and/or should conduct monetary policy. This paper surveys the literature of targets and instruments of monetary...
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Crisis and the role of money in the real and financial economies : an innovative approach to monetary stimulus
Simmons, Richard; Dini, Paolo; Culkin, Nigel; Littera, … - In: Journal of risk and financial management : JRFM 14 (2021) 3, pp. 1-28
"Financial crisis" is sometimes regarded as synonymous with "economic crisis", but this is an oversimplification and risks missing the feedback loops between the financial and real economies. In this paper, the role of money is revisited in the context of distinguishing the real economy from the...
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The fragile triangle : price stability, bank regulation and central bank reserves
Gersbach, Hans - 2021
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Quantitative easing and corporate innovation
Grimm, Niklas; Laeven, Luc; Popov, Alexander - 2021
To what extent can Quantitative Easing impact productivity growth? We document a strong and heterogeneous response of corporate R&D investment to changes in debt financing conditions induced by corporate debt purchases under the ECB’s Corporate Sector Purchase Program. Companies eligible for...
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Measuring monetary policy by money supply and interest rate: evidence from emerging economies
Bui, Trung Thanh; Gábor, Kiss Dávid - In: Národohospodářský obzor : časopis věnovaný … 21 (2021) 3, pp. 347-367
Although measuring monetary policy is a contentious issue in the literature, much less evidence on this issue is available for emerging economies. This paper aims to investigate the role of interest rate and money supply in measuring monetary policy in twelve emerging economies that target...
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Is price level targeting a robust monetary rule?
Deak, Szabolcs; Levine, Paul; Mirza, Afrasiab; … - 2021
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Some alternative monetary facts
Stella, Peter; Kumar, Manmohan S.; Bhargava, Apoorv - 2021
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Monetary Policy Regimes, Expected Inflation, and the Response of Interest Rates to Money Announcements
Roley, V. Vance; Walsh, Carl E. - 2021
This paper examines the response of the term structure of interest rates to weekly money announcements. Estimated responses for both the pre- and post-October 1979 periods are first presented. Then, two competing hypotheses involving the policy anticipations and expected inflation effects are...
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Targeting Rules vs. Instrument Rules for Monetary Policy : What is Wrong with Mccallum and Nelson?
Svensson, Lars E. O. - 2021
McCallum and Nelson's (2004) criticism of targeting rules for the analysis of monetary policy is rebutted. First, McCallum and Nelson's preference to study the robustness of simple monetary-policy rules is no reason at all to limit attention to simple instrument rules; simple targeting rules may...
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On Consequences and Criticisms of Monetary Targeting
McCallum, Bennett T. - 2021
The purpose of this paper is to review and evaluate the most important existing criticisms of policy strategies that feature adherence to money stock targets. Four main categories of criticism (and counterargumerits) are analyzed. The first of these involves the claim that accurate money stock...
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Monetarist Principles and the Money Stock Growth Rule
McCallum, Bennett T. - 2021
Given the influence of Milton Friedman ,it is hard to keep from identifying "monetarisms" with the advocacy of a policy rule that would require the money stock to grow at a constant rate and prohibit cyclical adjustments in government spending or in tax schedules. This identification is somewhat...
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Monetary Aggregates as Targets : Some Theoretical Aspects
Freedman, Charles - 2021
In the mid-1970s the Bank of Canada, along with a number of other central banks, began to set explicit targets for monetary growth and to emphasize the long-run role of monetary aggregates in controlling the rapid upward trend of prices. There are three distinct ways of viewing and interpreting...
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The Reserve Supply Channel of Unconventional Monetary Policy
Diamond, William; Jiang, Zhengyang; Ma, Yiming - 2021
We document the "reserve supply channel" of Quantitative Easing (QE) that has the unintended consequence of reducing bank lending to firms. Each dollar of central bank reserves created by QE crowds out 13 cents of bank lending. We reach this conclusion using a structural model that is estimated...
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The Use of Monetary Aggregate to Target Nominal GDP
Feldstein, Martin S.; Stock, James H. - 2021
This paper studies the possibility of using the broad monetary aggregate M2 to target the quarterly rate of growth of nominal GDP. Our findings indicate that the Federal Reserve could probably guide M2 in a way that reduces not only the long-term average rate of inflation but also the variance...
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Bewley Banks
Jamilov, Rustam; Monacelli, Tommaso - 2021
We develop a non-linear, quantitative macroeconomic model with heterogeneous monopolistic financial intermediaries, incomplete markets, default risk, endogenous bank entry, and aggregate uncertainty. The model generates a bank net worth distribution fluctuation problem analogous to the canonical...
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Central Bank Digital Currency, tax evasion, inflation tax, and central bank independence
Kwon, Ohik; Lee, Seungduck; Park, Jaevin - 2020
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The Friedman Rule : Experimental Evidence
Duffy, John - 2020
We explore the celebrated Friedman rule for optimal monetary policy in the context of a laboratory economy based on the Lagos-Wright model. The rule that Friedman proposed can be shown to be optimal in a wide variety of different monetary models, including the Lagos-Wright model. However, we are...
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A Quantitative Easing Experiment
Penalver, Adrian - 2020
We experimentally investigate the effect of a central bank buying bonds for cash in a quantitative easing (QE) operation. In our experiment, the bonds are perfect substitutes for cash and have a constant fundamental value which is not affected by QE in the rational expectations equilibrium. We...
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Supply and demand shifts of shorts before Fed announcements during QE1-QE3
McInish, Thomas H.; Neely, Christopher J.; Planchon, Jade - 2020
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Does quantitative easing affect people's personal financial situation and economic inequality? : the view of the German population
Hayo, Bernd - 2020 - This version: 09 May 2020
Using representative survey data collected in 2018, I study how laypersons in Germany perceive the effects of quantitative easing (QE) on their personal financial situation and on national economic inequality. Almost 40% think that their economic situation is unaffected by QE, whereas 20% and 6%...
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The e-monetary theory
Duong Ngotran - 2020
The author develops a dynamic model with two types of electronic money: reserves for transactions between bankers and zero-maturity deposits for transactions in the non-bank private sector. Using this model, he assesses the efficacy of unconventional monetary policy since the Great Recession....
Persistent link: https://ebtypo.dmz1.zbw/10012221945
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Monetary policy implementation : operational issues for countries with evolving monetary policy frameworks
Mæhle, Nils Øyvind - 2020
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The role of money in monetary policy at the lower bound
Billi, Roberto M.; Söderström, Ulf; Walsh, Carl E. - 2020
In light of the current low-interest-rate environment, we reconsider the merit of a money growth target (MGT) relative to a conventional in ation targeting (IT) regime, and to the notion of price level targeting (PLT). Through the lens of a New Keynesian model, and accounting for a zero lower...
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Liquidity, the Mundell-Tobin effect, and the Friedman rule
Altermatt, Lukas; Wipf, Christian - 2020
We investigate how the Mundell-Tobin effect, i.e., a positive relation between in ation and capital investment, changes the optimal monetary policy prescription in a framework that combines overlapping generations and new monetarist models. We find that the Friedman rule is optimal if and only...
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Monetary base controllability after an exit from quantitative easing
Tanaka, Atsushi - In: Journal of central banking theory and practice 9 (2020) 3, pp. 122-134
This study examines the problem that a central bank may face after exiting a monetary quantitative easing policy. It develops a simple dynamic optimization model of a central bank, which finds that if the bank needs to absorb a substantial amount of excess reserves when exiting, the monetary...
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On the essentiality of credit and banking at the Friedman rule
Boel, Paola; Waller, Christopher - 2020
Persistent link: https://ebtypo.dmz1.zbw/10012306884
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More stories of unconventional monetary policy
Karson, Evan; Neely, Christopher J. - 2020
Persistent link: https://ebtypo.dmz1.zbw/10012308493
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A quantitative easing experiment
Penalver, Adrian; Hanaki, Nobuyuki; Akiyama, Eizo; … - 2020
We experimentally investigate the effect of a central bank buying bonds for cash in a quantitative easing (QE) operation. In our experiment, the bonds are perfect substitutes for cash and have a constant fundamental value which is not affected by QE in the rational expectations equilibrium. We...
Persistent link: https://ebtypo.dmz1.zbw/10012253900
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Unexpected supply effects of quantitative easing and tightening
D'Amico, Stefania; Seida, Tim - 2020
To analyze the evolution of quantitative easingís (QE) and tighteningís (QT) e§ects across consecutive announcements, we focus on their unexpected component. Treasury yield sensitivities to QE and QT supply surprises do not fall monotonically over time, thus later announcements seemed to...
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Quantitative easing and economic growth in Japan : a meta-analysis
Ferreira-Lopes, Alexandra; Linhares, Pedro; Martins, … - In: Journal of economic surveys 36 (2022) 1, pp. 235-268
Persistent link: https://ebtypo.dmz1.zbw/10012816580
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The Narrow Channel of Quantitative Easing : Evidence from YCC Down Under
Lucca, David O.; Wright, Jonathan H. - National Bureau of Economic Research - 2022
We study the recent Australian experience with yield curve control (YCC) of government bonds as perhaps the best evidence of how this policy might work in other developed economies. We interpret the evidence with a simple model in which YCC affects prices of both government and other bonds via...
Persistent link: https://ebtypo.dmz1.zbw/10013191066
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A framework for analyzing monetary policy in an economy with e-money
Zhu, Yu; Hendry, Scott - 2019
This paper considers an economy where central-bank-issued fiat money competes with privately issued e-money. We study a policy-setting game between the central bank and the e-money issuer and find (1) the optimal monetary policy of the central bank depends on the policy of the private issuer and...
Persistent link: https://ebtypo.dmz1.zbw/10011954544
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The e-monetary theory
Duong Ngotran - 2019
The author develops a dynamic model with two types of electronic money: reserves for transactions between bankers and zero-maturity deposits for transactions in the non-bank private sector. Using this model, he assesses the efficacy of unconventional monetary policy since the Great Recession....
Persistent link: https://ebtypo.dmz1.zbw/10012063647
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Monetary Financing with Interest-Bearing Money
Harrison, Richard - 2019
Recent results suggesting that monetary financing is more expansionary than bond financing in standard New Keynesian models rely on a duality between policy rules for the rate of money growth and the short-term bond rate, rather than a special role for money. We incorporate two features into a...
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