Results 1 to 10 of about 74,505 (45)
Central Bank Communication with the General Public: Promise or False Hope?
Social Science Research Network, 2022 Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to ensure accountability and create trust; another is to guide inflation expectations. This article
A. Blinder +3 more
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Deconstructing Monetary Policy Surprises: The Role of Information Shocks
American Economic Journal: Macroeconomics, 2018 Central bank announcements simultaneously convey information about monetary policy and the central bank's assessment of the economic outlook. This paper disentangles these two components and studies their effect on the economy using a structural vector ...
Marek Jarociński, P. Karadi
semanticscholar +1 more source
Financial Factors in Economic Fluctuations
Social Science Research Network, 2010 We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the ...
Lawrence J. Christiano +2 more
semanticscholar +1 more source
The Economics of Central Bank Digital Currency
Social Science Research Network, 2022 This paper provides a structured overview of the burgeoning literature on the economics of CBDC. We document the economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the implications
Toni Ahnert +5 more
semanticscholar +1 more source
Monetary Policy Communication: Perspectives from Former Policy Makers at the ECB
Social Science Research Network, 2023 This paper reports the results of a survey of former members of the Governing Council of the European Central Bank, which sought their views on monetary policy communication practices, the related challenges and the road ahead.
Michael Ehrmann +3 more
semanticscholar +1 more source
The Optimal Quantity of CBDC in a Bank-Based Economy
Social Science Research NetworkWe show that the estimated effect of digital euro news on bank stock valuations and lending depends on the bank’s deposit reliance and the central bank digital currency (CBDC) design features.
Lorenzo Burlon +3 more
semanticscholar +1 more source
Collateral Framework: Liquidity Premia and Multiple Equilibria
Social Science Research Network, 2023 Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations. This gives rise to a valuable liquidity premium that reduces the cost of government finance.
Yvan Lengwiler, Athanasios Orphanides
semanticscholar +1 more source
Financing the low-carbon transition in Europe
Social Science Research Network, 2023 Using evidence from the EU emissions trading system, we collect verified emissions of close to 4000 highly polluting and mostly non-listed firms responsible for 26% of EU’s emissions.
Olimpia Carradori +4 more
semanticscholar +1 more source
A Theory of Dynamic Inflation Targets
Social Science Research NetworkShould central banks’ inflation targets remain set in stone? We study a dynamic mechanism design problem between a government and a central bank. The central bank has persistent private information about structural shocks.
C. Clayton, A. Schaab
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Policy Language and Information Effects in the Early Days of Federal Reserve Forward Guidance
The American Economic Review, 2020 I show that the nature of the Federal Open Market Committee’s (FOMC’s) forward guidance language shapes the private sector’s responses to monetary policy statements.
Kurt G. Lunsford
semanticscholar +1 more source