CBDC as Imperfect Substitute to Bank Deposits: A Macroeconomic Perspective
Abstract The impact of Central Bank Digital Currency (CBDC) is analyzed in a closed‐economy model with monopolistic competition in banking and where CBDC is an imperfect substitute with bank deposits. The design of CBDC is characterized by its interest rate, its substitutability with bank deposits, and its relative liquidity.
PHILIPPE BACCHETTA, ELENA PERAZZI
wiley +1 more source
Estimation of integral curves from high angular resolution diffusion imaging (HARDI) data. [PDF]
Carmichael O, Sakhanenko L.
europepmc +1 more source
Ca2+ signaling in T lymphocytes: the interplay of the endoplasmic reticulum, mitochondria, membrane potential, and CRAC channels on transcription factor activation. [PDF]
Yang PC, Jafri MS.
europepmc +1 more source
Taylor Rule Deviations Across Horizons: A Practical Tool for Monetary Policy
Abstract We propose “Taylor rule yields” across horizons for the United States. Applying the standard Taylor rule to expected paths of inflation and the output gap, we construct a sequence of short‐term rates under neutral monetary policy stances, whose average defines the Taylor rule yield at each horizon.
MASAZUMI HATTORI +2 more
wiley +1 more source
Increased prevalence of hybrid epithelial/mesenchymal state and enhanced phenotypic heterogeneity in basal breast cancer. [PDF]
Sahoo S +14 more
europepmc +1 more source
Policy Biases in a Model with Labor‐Market Frictions
Abstract We develop a model with labor‐market matching frictions that is subject to a range of shocks, including shocks to matching efficiency and bargaining power, and use the model to examine how monetary policy should respond to such shocks. We show that optimal monetary policy responds effectively to these shocks, producing economic outcomes that ...
RICHARD DENNIS, TATIANA KIRSANOVA
wiley +1 more source
Primary and heterotrophic productivity relate to multikingdom diversity in a hypersaline mat. [PDF]
Bernstein HC +7 more
europepmc +1 more source
What Are Asset Price Bubbles? A Survey on Definitions of Financial Bubbles
ABSTRACT Financial bubbles and crashes have repeatedly caused economic turmoil notably but not just during the 2008 financial crisis. However, both in the popular press as well as scientific publications, the meaning of bubble is sometimes unspecified.
Michael Heinrich Baumann +1 more
wiley +1 more source
The frequency architecture of brain and brain body oscillations: an analysis. [PDF]
Klimesch W.
europepmc +1 more source
ABSTRACT Using information in returns, we identify the stochastic process of consumption. We find that aggregate consumption reacts over multiple quarters to innovations spanned by financial markets. This persistent component accounts for over a quarter of consumption variation. These shocks command a large and significant risk premium, driving a large
SVETLANA BRYZGALOVA +2 more
wiley +1 more source

