Monetary Economics: Central Banks - Policies & Impacts eJournal最新文献_第6页

Alternative Monetary Policy Regimes With Multiple Currency Practices 多元货币实践下的货币政策选择机制

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-03-27 DOI: 10.2139/ssrn.3563248

Hamed Ghiaie, H. Tavakolian, H. Tabarraei

引用次数: 1

The Secular Decline in Long-Term Yields around FOMC Meetings FOMC会议前后长期收益率的长期下跌

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-03-14 DOI: 10.2139/ssrn.3550593

Sebastian Hillenbrand

引用次数: 4

Una introducción al debate actual sobre la moneda digital de banco central (CBDC) (An Introduction to the Current Debate on Central Bank Digital Currency (CBDC)) 中央银行数字货币（CBDC）当前辩论简介

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-03-11 DOI: 10.2139/ssrn.3617558

J. Ayuso, C. Conesa

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引用次数: 20

Strengthening Reserves of the Central Bank of the Republic of Turkey (CBRT): An Examination for Transferring Treasury’s Share in Profit to Reserves and Increasing Treasury’s Share in CBRT 土耳其共和国中央银行(CBRT)加强储备:财政部利润份额向储备转移和增加财政部在CBRT中的份额的考察

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-03-10 DOI: 10.2139/ssrn.3551946

M. Kartal

{"title":"Strengthening Reserves of the Central Bank of the Republic of Turkey (CBRT): An Examination for Transferring Treasury’s Share in Profit to Reserves and Increasing Treasury’s Share in CBRT","authors":"M. Kartal","doi":"10.2139/ssrn.3551946","DOIUrl":"https://doi.org/10.2139/ssrn.3551946","url":null,"abstract":"Bu calisma, TCMB rezervlerinin guclendirilmesine yonelik hazirlanmistir. Bu amaca yonelik olarak, kardaki Hazine payinin rezervlere aktarilmasi ve TCMB’deki Hazine’ye ait ortaklik payinin artirilmasindan olusan bir oneri seti gelistirilmistir. Soz konusu onerilerin etkileri TCMB’nin elektronik veri dagitim sisteminden ve web sitesinden alinan 2000-2018 donemine iliskin veriler kullanilarak analiz edilmistir. Analiz sonuclarina gore, ilk onerinin uygulanmasi ile birlikte soz konusu donemde 29,7 milyar ABD Dolari rezerv birikimi saglanabilirdi. 2019 Mart sonu itibariyle TCMB net rezervlerinin 30,2 milyar ABD Dolari oldugu dikkate alindiginda, gelistirilen onerinin ne kadar etkili oldugu gorulmektedir. Birinci oneriye ek olarak mevcut durumda %55 olan TCMB’deki Hazine ortaklik payinin artirilmasi seklindeki ikinci onerinin uygulanmasiyla daha hizli rezerv birikimi saglanabilecektir. Bu onerinin uygulanmasiyla birlikte 2000-2018 donemi icin biriktirilebilecek rezerv tutari 45,8 milyar ABD Dolari olarak hesaplanmaktadir. Gunumuzde TCMB rezervleri onemli miktarda dusus gosterirken, bu calismada sunulan onerilerin uygulanmasi TCMB rezervlerinin artirilmasina onemli miktarda katki saglayacaktir.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"875 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129611274","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

The Benefits Are at the Tail: Uncovering the Impact of Macroprudential Policy on Growth-At-Risk 好处在尾部:揭示宏观审慎政策对风险增长的影响

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-03-04 DOI: 10.2139/ssrn.3548475

Jorge E. Galán

{"title":"The Benefits Are at the Tail: Uncovering the Impact of Macroprudential Policy on Growth-At-Risk","authors":"Jorge E. Galán","doi":"10.2139/ssrn.3548475","DOIUrl":"https://doi.org/10.2139/ssrn.3548475","url":null,"abstract":"This paper brings together recent developments on the growth-at-risk methodology and the literature on the impact of macroprudential policy. For this purpose, I extend the recent proposals on the use of quantile regressions of GDP growth by including macrofinancial variables with early warning properties of systemic risk, and macroprudential measures. I identify heterogeneous effects of macroprudential policy on GDP growth, uncovering important benefits on the left tail of its distribution. The positive effect of macroprudential policy on reducing the downside risk of GDP is found to be larger than the negative impact on the median, suggesting a net positive effect in the mid-term. Nonetheless, I identify heterogeneous effects depending on the position in the financial cycle, the direction of the policy, the type of instrument, and the time elapsed since its implementation. In particular, tightening capital measures during expansions may take up to two years in evidencing benefits on growth-at-risk, while the positive impact of borrower-based measures is rapidly observed. This suggests the need of implementing capital measures, such as the countercyclical capital buffer, early enough in the cycle; while borrower-based measures can be tightened in more advanced stages. Conversely, in downturns the benefits of loosening capital measures are immediate, while those of borrower-based measures are limited. Overall, this study provides a useful framework to assess costs and benefits of macroprudential policy in terms of GDP growth, and to identify the term-structure of specific types of instruments.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"125 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115774992","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: 93

Financial Policy in an Exuberant World 繁荣世界中的金融政策

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-03-01 DOI: 10.2139/ssrn.3557874

A. Walther

引用次数: 0

Stablecoins: A Brave New World? 稳定币:美丽新世界?

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-03-01 DOI: 10.2139/ssrn.3549872

A. Melachrinos, C. Pfister

引用次数: 10

A Program for Strengthening the Federal Reserve’s Ability to Fight the Next Recession 加强美联储对抗下一次经济衰退能力的计划

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-03-01 DOI: 10.2139/ssrn.3577984

D. Reifschneider, David W. Wilcox

{"title":"A Program for Strengthening the Federal Reserve’s Ability to Fight the Next Recession","authors":"D. Reifschneider, David W. Wilcox","doi":"10.2139/ssrn.3577984","DOIUrl":"https://doi.org/10.2139/ssrn.3577984","url":null,"abstract":"If the Federal Reserve does not decisively change the way it conducts monetary policy, it will probably not be capable of fighting recessions in the future as effectively as it fought them in the past. This reality helped motivate the Fed to undertake the policy framework review in which it is currently engaged. Researchers have suggested many steps the Fed could take to improve its recession-fighting ability; however, no consensus has emerged as to which of these steps would be both practical and maximally effective. This paper aims to fill that gap. It recommends that the Fed commit as soon as possible to a new approach for fighting recessions, involving two key elements. First, the Fed should commit that whenever it runs out of room to cut the federal funds rate further, it will leave the rate at its minimum level until the labor market recovers and inflation returns to 2 percent. Second, the Fed should commit that under the same circumstances, it will begin to purchase longer-term assets in volume and will continue such purchases until the labor market recovers. If the forces driving the next recession are not unusually severe, this framework might allow the Fed to be as effective at fighting that recession as it was in the past. If the next recession is more severe, however, the Fed will probably run out of ammunition even if it takes the two steps recommended here. Therefore, both monetary and fiscal policymakers should consider yet other steps they could take to enhance their ability to fight future recessions.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133786934","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

Efficient Demonetization 有效的禁止流通

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-02-12 DOI: 10.2139/ssrn.3054969

S. Dixit

引用次数: 0

Macroprudential Policy Measures: Macroeconomic Impact and Interaction with Monetary Policy 宏观审慎政策措施:宏观经济影响及其与货币政策的相互作用

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-02-01 DOI: 10.2139/ssrn.3541732

G. Cozzi, Matthieu Darracq Pariès, P. Karadi, Jenny Körner, Christoffer Kok, Falk Mazelis, Kalin Nikolov, E. Rancoita, Alejandro Van der Ghote, Julien Weber

引用次数: 14