ERN: Central Banks - Policies (Topic)最新文献_第2页

The Mussa Puzzle: A Generalization 穆萨之谜:一个概括

ERN: Central Banks - Policies (Topic) Pub Date : 2021-01-08 DOI: 10.2139/ssrn.3769398

Cosimo Petracchi

引用次数: 3

Interest On Reserves As A Main Monetary Policy Tool 准备金利率作为货币政策的主要工具

ERN: Central Banks - Policies (Topic) Pub Date : 2021-01-07 DOI: 10.2139/ssrn.3774140

George J. Bratsiotis

引用次数: 1

Predicting Recession Probabilities Using Term Spreads: New Evidence from a Machine Learning Approach 使用期限差预测衰退概率:来自机器学习方法的新证据

ERN: Central Banks - Policies (Topic) Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3723717

Jaehyuk Choi, Desheng Ge, K. Kang, S. Sohn

引用次数: 0

Macroeconomic Effects of Federal Reserve's Unconventional Monetary Policy: A Computational Linguistics Approach 美联储非常规货币政策的宏观经济效应:一种计算语言学方法

ERN: Central Banks - Policies (Topic) Pub Date : 2020-12-22 DOI: 10.2139/ssrn.3722329

Pritha Chaudhuri

引用次数: 0

A Friend in Need? The Effect of Institutional Independence on Central Bank Responses to the COVID-19 Crises 患难中的朋友?机构独立性对央行应对COVID-19危机的影响

ERN: Central Banks - Policies (Topic) Pub Date : 2020-11-22 DOI: 10.2139/SSRN.3735512

Ioannis Glinavos

{"title":"A Friend in Need? The Effect of Institutional Independence on Central Bank Responses to the COVID-19 Crises","authors":"Ioannis Glinavos","doi":"10.2139/SSRN.3735512","DOIUrl":"https://doi.org/10.2139/SSRN.3735512","url":null,"abstract":"The paper investigates whether institutional independence contributes positively to central bank responses to economic emergencies. The paper examines evidence of central bank responses to the economic effects of the COVID-19 pandemic of 2020 to investigate correlation between independence and policy responsiveness. We compare ECB, BoE and Fed responses to the economic upheaval caused by the global pandemic with their response to the Financial Crisis of 2008 and evaluate the contribution of institutional independence to addressing economic needs. The paper offers a summary of the nature and role of central banks;explains the idea of institutional independence and its contribution to policy making, offers some background to the economic impacts of the pandemic and positions the role of central banks within wider policy responses. An evaluation of central bank response to date, and the value of independence in articulating that response, contributes to the debate as to the nature, function, and future of central banking. The conclusions of the paper advance the debate on the value of independent institutions within a less accommodating political economy.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124700887","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

The Housing as a Source of Constraints for the Monetary Policy From Romania 住房作为罗马尼亚货币政策约束的来源

ERN: Central Banks - Policies (Topic) Pub Date : 2020-11-15 DOI: 10.2139/ssrn.3730984

Ramona Dumitriu, R. Stefanescu

引用次数: 0

Tax Compliance, Payment Choice, and Central Bank Digital Currency 税务合规，支付选择和中央银行数字货币

ERN: Central Banks - Policies (Topic) Pub Date : 2020-11-01 DOI: 10.2139/ssrn.3755573

Zijian Wang

引用次数: 12

Driving Through the Roadblocks: A Case for a More Proactive Approach to CBDC from Canada's Central Bank 穿越路障:加拿大中央银行对CBDC采取更积极措施的案例

ERN: Central Banks - Policies (Topic) Pub Date : 2020-10-31 DOI: 10.2139/ssrn.3722676

Cameron Teschuk

{"title":"Driving Through the Roadblocks: A Case for a More Proactive Approach to CBDC from Canada's Central Bank","authors":"Cameron Teschuk","doi":"10.2139/ssrn.3722676","DOIUrl":"https://doi.org/10.2139/ssrn.3722676","url":null,"abstract":"Central banks are not there to ‘put the brake on innovation just for the sake of it’, but to ensure that implications of major changes are well understood so that ‘innovations set the right course for the economy, for business, for citizens, for society as whole. This sentiment from the European Central Bank’s Director of General Market Infrastructures and Payments, Ulrich Bindseil, is in reference to the challenges faced by central banks in responding to the emergence of digital currencies. Bindseil’s commentary partially references a 2019 speech from the Bank of International Settlements General Manager Agustin Cartens. Bindsel, however, noticeably omits a portion of Cartens initial quote. Cartens original quote reads, “central banks do not put a brake on innovations just for the sake of it. But neither should they speed ahead disregarding all traffic conditions.” This distinction highlights the question that economists across the world are asking themselves: How should central banks respond to the emergence of digital currency? Borrowing on Cartens’ traffic metaphor, should central banks pull over and let the private sector continue on the digital currency highway alone? Or should they speed ahead through the “traffic conditions” and develop their own central bank issued digital currency (commonly known as “CBDC”). A third option has also emerged, one that has been adopted by the Bank of Canada, which is to drive parallel to the highway waiting for the right time to merge. The appropriate response depends on each central bank’s perspective on the potential impact of digital currency on their domestic financial system. At risk of overusing the traffic metaphor, the question becomes, are digital currencies an innovative means of filling the potholes in the current payments system? Or are they a paradigm shift that will lead cars to a new highway?","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114612093","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

Fire Sales, the LOLR and Bank Runs With Continuous Asset Liquidity 资产流动性持续的贱卖、LOLR和银行挤兑

ERN: Central Banks - Policies (Topic) Pub Date : 2020-10-21 DOI: 10.2139/ssrn.3716524

U. Bindseil, Edoardo Lanari

引用次数: 2

Central Banks and Climate Change 中央银行和气候变化

ERN: Central Banks - Policies (Topic) Pub Date : 2020-10-01 DOI: 10.2139/ssrn.3703142

Christina Parajon Skinner

{"title":"Central Banks and Climate Change","authors":"Christina Parajon Skinner","doi":"10.2139/ssrn.3703142","DOIUrl":"https://doi.org/10.2139/ssrn.3703142","url":null,"abstract":"Central banks are increasingly called upon to address climate change. Proposals for central bank action on climate change range from programs of “green” quantitative easing, to increases in risk-based capital requirements to deter banks from lending to climate-unfriendly business. Politicians and academics alike have urged climate risk as both macroeconomic and financial stability risk. Nevertheless, in the U.S., the Federal Reserve has been measured in its response to climate change. \u0000 \u0000This article considers the scope of the Fed’s policy and legal authority to address climate change. Drawing on insights from corporate finance and macroeconomics, the article first considers how climate risk presents risks that are policy problems for the Fed. From that policy basis, the article constructs a legal framework — stitching together a variety of Fed laws, regulations, and precedents of practice — to discern where the Fed can legitimately move forward on climate change and the areas that, at present, sit outside the Fed’s legal remit. \u0000 \u0000The article concludes that the Fed’s authority to address climate change is strongest in a responsive posture — that is, to respond to climate-related economic shocks and to tailor supervision to better account for encroaching operational risks and asset-quality deterioration. However, the Fed lacks a solid legal basis for seeking to proactively make the financial system greener. Ultimately, the article prompts some reflection on the ideal role of the Fed vis-a-vis the fiscal authority of the Treasury, the political actors in Congress, and the Executive.","PeriodicalId":138376,"journal":{"name":"ERN: Central Banks - Policies (Topic)","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134158694","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: 27