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Displaying results 1 to 5 of 5.

  1. Banks, money and the zero lower bound
    Author: Kumhof, Michael; Wang, Xuan
    Published: August 2018
    Publisher:  Bank of England, London

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 752
    Subjects: Banks; financial intermediation; endogenous money creation; bank loans; bank deposits; money demand; deposits-in-advance; Phillips curve; zero lower bound; monetary policy rules
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  2. Banks are not intermediaries of loanable funds
    facts, theory and evidence
    Author: Jakab, M. Zoltán; Kumhof, Michael
    Published: October 2018
    Publisher:  Bank of England, London

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 761
    Subjects: Banks; financial intermediation; loanable funds; money creation; bank lending; bank financing; money demand
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  3. Money as an inflationary phenomenon
    Author: Pasche, Markus
    Published: [2018]
    Publisher:  Friedrich Schiller University Jena, Jena

    Empirical tests of the quantity theory and particularly the neutrality of money are based on the idea that money growth "explains", to some extent, inflation. Modern macroeconomic theory, however, considers inflation targeting central banks which use... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 78 (2018,11)
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    Empirical tests of the quantity theory and particularly the neutrality of money are based on the idea that money growth "explains", to some extent, inflation. Modern macroeconomic theory, however, considers inflation targeting central banks which use the interest rate as a policy tool, while money is seen as an endogenous outcome of financial intermediation, i.e. credit creation. A simple NKM model with fiat money demonstrates that money growth is tied to inflation, changes of output and interest rate changes. The latter are determined by inflation and output gap if we consider an inflation-targeting central bank. The quantity equation emerges from the macroeconomic transmission process but the economic causalities run from output and inflation to money creation. Hence, money growth does not explain inflation. Besides, the result does not require a sophisticated microfoundation of money demand but simply emerges from the transmission process.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/194235
    Series: Jena economic research papers ; # 2018, 011
    Subjects: quantity equation; endogenous money; New Keynesian Macroeconomics; inflation targeting; money demand
    Scope: 1 Online-Ressource (circa 10 Seiten), Illustrationen
  4. Do we need central bank digital currency?
    economics, technology and institutions
    Contributor: Gnan, Ernest (HerausgeberIn); Masciandaro, Donato (HerausgeberIn)
    Published: 2018
    Publisher:  Larcier, Vienna

    Location:
    Bundesverfassungsgericht, Bibliothek
    Signature:
    Online-Ressource
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 580 (2018,2)
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    Source: Union catalogues
    Contributor: Gnan, Ernest (HerausgeberIn); Masciandaro, Donato (HerausgeberIn)
    Language: English
    Media type: Conference proceedings
    Format: Online
    ISBN: 9783902109873
    Other identifier:
    hdl: 10419/193957
    Corporations / Congresses: Do We Need Central Bank Digital Currency?: Economics, Technology and Institutions (2018, Mailand)
    Series: SUERF conference proceedings ; 2018, 2
    Subjects: anonymity; banks; bitcoin; blockchain; baumol; cash; CADcoin; central bank; central bank digital currency; cryptocurrency; e-krona; e-Peso; digital currencies; digital money; digitalization; deposits; effective lower bound; equivalence; experiment; fedcoin; financial disintermediation; Friedman; financial stability; J-coin; lender of last resort; money; money demand; monetary policy; narrow banking; payments system; politico-economic equivalence; reserves for all; technological progress
    Scope: 1 Online-Ressource (circa 149 Seiten), Illustrationen
    Notes:

    Enthält 10 Beiträge
  5. The welfare cost of inflation with banking time
    Author: Gillman, Max
    Published: November 2018
    Publisher:  Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, Budapest

    The paper presents the welfare cost of inflation in a banking time economy that models exchange credit through a bank production approach. The estimate of welfare cost uses fundamental parameters of utility and production technologies. It is compared... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 151
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    The paper presents the welfare cost of inflation in a banking time economy that models exchange credit through a bank production approach. The estimate of welfare cost uses fundamental parameters of utility and production technologies. It is compared to a cash-only economy, and a Lucas (2000) shopping economy without leisure, as special cases. The paper estimates the welfare cost of a 10% inflation rate instead of zero, for comparison to other estimates, as well as the cost of a 2% inflation rate instead of a zero inflation rate. The zero rate is specified as the US inflation rate target in the 1978 Employment Act amendments. The paper provides a conservative welfare cost estimate of 2% inflation instead of zero at $33 billion a year. Estimates of the percent of government expenditure that can be financed through a 2% vs. zero inflation rate are also provided.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/222044
    Series: Discussion papers / Centre for Economic and Regional Studies, Hungarian Academy of Sciences ; MT-DP - 2018, 31
    Subjects: Euler equation; interest rates; inflation; banking; money demand; velocity; price-theoretic; marginal cost; productivity shocks; Great Recession
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen