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Will FinTech Cause a Reconsideration of the Administrative and International Law Governing Public Procurement? 金融科技是否会引发对公共采购行政法和国际法的反思?
ERN: Central Banks - Policies (Topic) Pub Date : 2021-08-26 DOI: 10.2139/ssrn.3911686
Bryane Michael
{"title":"Will FinTech Cause a Reconsideration of the Administrative and International Law Governing Public Procurement?","authors":"Bryane Michael","doi":"10.2139/ssrn.3911686","DOIUrl":"https://doi.org/10.2139/ssrn.3911686","url":null,"abstract":"Regulators should not just leave FinTech rulemaking up to financial regulators. Contracting authorities should not just develop or use their own selected FinTech applications willy-nilly. They should contribute to overall changes in a procurement law -which extend far beyond simple supervisory or regulatory technologies (RegTech/SupTech). Governments should get serious about the Agreement on Government Procurement and similar treaties - by creating a new authority to help develop the law needed to put FinTech-enabled procurement platforms in place. China’s own world-leading FinTech and cross-border public procurements do not always contribute to a global level playing field. Any FinTech applications facilitating public procurement should thus encourage compliance with the procurement law legal principles the international community has developed over decades.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114170698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Business Cycles, Inflation and Unemployment: An MMT perspective 商业周期、通货膨胀和失业:MMT视角
ERN: Central Banks - Policies (Topic) Pub Date : 2021-07-24 DOI: 10.2139/ssrn.3949081
Navaneeth M S
{"title":"Business Cycles, Inflation and Unemployment: An MMT perspective","authors":"Navaneeth M S","doi":"10.2139/ssrn.3949081","DOIUrl":"https://doi.org/10.2139/ssrn.3949081","url":null,"abstract":"Any modern economy faces the periodic tendency of fluctuations that disrupts the macroeconomic variables leading to massive downturns in economic activity- conceptualised as business cycles. This review article examines the countercyclical policies adopted by Central Banks during recessions in light of the various arguments laid out by Modern Monetary Theory (MMT). Finally, it also looks into the assumptions behind Phillips' curve and what MMT has to offer in terms of inflation targeting","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124859543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Written Testimony in a Senate Hearing on Building a Stronger Financial System: Opportunities of a Central Bank Digital Currency 在参议院关于建立更强大的金融体系的听证会上的书面证词:中央银行数字货币的机会
ERN: Central Banks - Policies (Topic) Pub Date : 2021-06-09 DOI: 10.2139/ssrn.3863395
Lev Menand
{"title":"Written Testimony in a Senate Hearing on Building a Stronger Financial System: Opportunities of a Central Bank Digital Currency","authors":"Lev Menand","doi":"10.2139/ssrn.3863395","DOIUrl":"https://doi.org/10.2139/ssrn.3863395","url":null,"abstract":"Written Testimony of Lev Menand for the hearing entitled \"Building a Stronger Financial System: Opportunities for a Central Bank Digital Currency\" before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Subcommittee on Economic Policy.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121961860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Power Theory of Exchange and Money 权力理论的交换和货币
ERN: Central Banks - Policies (Topic) Pub Date : 2021-05-23 DOI: 10.2139/ssrn.3851487
Y. Stefanov
{"title":"Power Theory of Exchange and Money","authors":"Y. Stefanov","doi":"10.2139/ssrn.3851487","DOIUrl":"https://doi.org/10.2139/ssrn.3851487","url":null,"abstract":"Modern exchange theories model a large market, but do not explain single exchange. The paper considers the phenomenon of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and objective. Subjective equilibrium is given by the Walras-Jevons marginal utility equation. Objective equilibrium equations by Walras and Jevons are averaged over all transactions in the market and can only give a rough general picture without explaining the specific price of an individual exchange. An exchange micro-condition must be found that, when averaged, will give the Walras market equilibrium macro-condition. The study of the internal structure of exchange leads to the need to consider power. The concept of generalized power is introduced. It is generalized power that serves as the primary comparable and measurable objective basis of exchange. The power theory of exchange provides the objective price-equation. It is demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent exchanges. The proposed theory is able to uniformly explain any exchange, including a single one, which is impossible with the existing theories of exchange.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"02 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131047778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Experience-Based Heterogeneity in Expectations and Monetary Policy 基于经验的预期异质性与货币政策
ERN: Central Banks - Policies (Topic) Pub Date : 2021-05-12 DOI: 10.2139/ssrn.3844558
Lucas Radke, Florian Wicknig
{"title":"Experience-Based Heterogeneity in Expectations and Monetary Policy","authors":"Lucas Radke, Florian Wicknig","doi":"10.2139/ssrn.3844558","DOIUrl":"https://doi.org/10.2139/ssrn.3844558","url":null,"abstract":"We show within a New Keynesian model with overlapping generations that experience-based heterogeneity in expectations across age groups affects monetary policy’s effectiveness in stabilising inflation and in closing the output gap. In our model agents only use lifetime observations to forecast macroeconomic variables like inflation or output. A variation in the age distribution has a composition effect on aggregate expectations, which are a size-weighted average over cohort-specific expectations. We show that an increase in the share of old individuals implies an increase in the transmission of monetary policy on inflation but aggravates its stabilisation tradeoff under supply shocks via the composition effect. Thus, the age distribution has a novel impact on monetary policy that is absent from standard models.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121931742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Safe Assets as Balance Sheet Multipliers 安全资产作为资产负债表乘数
ERN: Central Banks - Policies (Topic) Pub Date : 2021-05-11 DOI: 10.2139/ssrn.3851334
Emre Ozdenoren, Kathy Yuan, Shengxing Zhang
{"title":"Safe Assets as Balance Sheet Multipliers","authors":"Emre Ozdenoren, Kathy Yuan, Shengxing Zhang","doi":"10.2139/ssrn.3851334","DOIUrl":"https://doi.org/10.2139/ssrn.3851334","url":null,"abstract":"We highlight the multiplier role of (public) safe assets by studying a model of a bank’s balance sheet. The bank optimally constructs a portfolio of safe and risky assets and designs its liabilities. Holding costly but adverse-selection-free safe assets multiplies the production of risky assets with information frictions and facilitates the issuance of private safe debts backed by the asset portfolio, expanding the bank’s balance sheet. Safe assets' convenient yields can be decomposed into safety and liquidity components. Quantitative easing operations such as safe for troubled asset swaps improve fiscal capacity of governments and are more liquidity effective.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127541188","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Bank Reserves in 2020: The Structure Remains Flat 2020年银行准备金:结构保持不变
ERN: Central Banks - Policies (Topic) Pub Date : 2021-03-15 DOI: 10.2139/ssrn.3805078
S. Zubov
{"title":"Bank Reserves in 2020: The Structure Remains Flat","authors":"S. Zubov","doi":"10.2139/ssrn.3805078","DOIUrl":"https://doi.org/10.2139/ssrn.3805078","url":null,"abstract":"In 2020, the funding of the banking sector remained rather balanced: the funding base structure of credit institutions did not shift notably. Decline in deposit interest rates boost gradual change in behavior of bank customers and accelerate demand for securities, gold, PIF shares and other tools of investment and saving nature.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124246730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Local Heterogeneity of Monetary Policy 货币政策的地方异质性
ERN: Central Banks - Policies (Topic) Pub Date : 2021-02-23 DOI: 10.2139/ssrn.3791675
Emil Kordahl
{"title":"Local Heterogeneity of Monetary Policy","authors":"Emil Kordahl","doi":"10.2139/ssrn.3791675","DOIUrl":"https://doi.org/10.2139/ssrn.3791675","url":null,"abstract":"In this article, I will investigate the role of regional heterogeneity of monetary policy. This will be investigated through state-level data while modeling the Federal Reserve as a common central bank for each state in a Bayesian global vector autoregressive model with stochastic volatility. Specifying the Federal Reserve as a common central bank will allow for examining cross-state asymmetries through a joint monetary policy shock to all states simultaneously.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130176495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Macroprudential Policy Interactions in a Sectoral DSGE Model with Staggered Interest Rates 具有交错利率的部门DSGE模型中的宏观审慎政策相互作用
ERN: Central Banks - Policies (Topic) Pub Date : 2021-01-22 DOI: 10.2139/ssrn.3778185
Marc Hinterschweiger, Kunal Khairnar, Tolga Ozden, Thomas Stratton
{"title":"Macroprudential Policy Interactions in a Sectoral DSGE Model with Staggered Interest Rates","authors":"Marc Hinterschweiger, Kunal Khairnar, Tolga Ozden, Thomas Stratton","doi":"10.2139/ssrn.3778185","DOIUrl":"https://doi.org/10.2139/ssrn.3778185","url":null,"abstract":"We develop a two-sector DSGE model with a detailed banking sector along the lines of Clerc et al (2015) to assess the impact of macroprudential tools (minimum, countercyclical and sectoral capital requirements, as well as a loan-to-value limit) on key macroeconomic and financial variables. The banking sector features residential mortgages and corporate lending subject to staggered interest rates à la Calvo (1983), which is motivated by the sluggish movement of lending rates due to fixed interest rate loan contracts. Other distortions in the model include limited liability, bankruptcy costs and penalty costs for deviations from regulatory capital. We estimate the model using Bayesian methods based on quarterly UK data over 1998 Q1–2016 Q2. Our contributions are threefold. We show that: (i) co-ordination of macroprudential tools may have a welfare-improving effect, (ii) macroprudential tools would have improved some macroeconomic indicators but, within our model, not have prevented the Global Financial Crisis, (iii) staggered interest rates may alter the transmission of macroprudential tools that work through interest rates.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126458086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
How Did the Gold Standard Really Work? A Comparison of the Price-Specie-Flow Mechanism and the Monetary Approach to the Balance of Payments 金本位到底是如何运作的?价格-物种-流动机制与国际收支货币方法之比较
ERN: Central Banks - Policies (Topic) Pub Date : 2021-01-14 DOI: 10.2139/ssrn.3766429
Kwabena Boateng, Joshua R. Hendrickson
{"title":"How Did the Gold Standard Really Work? A Comparison of the Price-Specie-Flow Mechanism and the Monetary Approach to the Balance of Payments","authors":"Kwabena Boateng, Joshua R. Hendrickson","doi":"10.2139/ssrn.3766429","DOIUrl":"https://doi.org/10.2139/ssrn.3766429","url":null,"abstract":"The price-specie-flow mechanism (PSFM) is a theory of the adjustment of the balance of trade and gold flows in response to deviations in relative price levels across countries under a gold standard. The PSFM is central to quantity-theoretic discussions of economic fluctuations under a gold standard as well as analysis of whether central banks followed \"the rules of the game\" of the gold standard. The PSFM is often the standard working assumption when it comes to gold standard adjustment. However, at least since Adam Smith there has been an alternative to the PSFM that has come to be known as the monetary approach to the balance of payments. The distinction between the PSFM and the monetary approach have important implications for both quantity-theoretic explanations of economic fluctuations as well as the interpretation of the so-called \"rules of the game.\" In this paper, we outline and test the empirical predictions of each theory to determine which is more accurate. The evidence is mixed, but largely favors the monetary approach to the balance of payments.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"235 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115578047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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