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Argument by False Analogy: The Mistaken Classification of Bitcoin as Token Money 错误类比的论证:比特币作为代币的错误分类
3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-04-29 DOI: 10.1111/jmcb.13061
ALISTAIR MILNE
{"title":"Argument by False Analogy: The Mistaken Classification of Bitcoin as Token Money","authors":"ALISTAIR MILNE","doi":"10.1111/jmcb.13061","DOIUrl":"https://doi.org/10.1111/jmcb.13061","url":null,"abstract":"Abstract This paper documents inconsistent terminologies and misleading analogies in current discussions of digital money and payments. It offers a more consistent framework for understanding the potential of technological innovation in providing the functions of money and payments: as media of exchange, stores of value, and units of account and the implications of cryptographic technologies underpinning cryptocurrencies for the future of money and payments. These could support efficiency gains in money and payments, but decentralization is not inherent to their application. Radical reform leading to improved economic outcomes is conceivable, but not through disruptive displacement of existing institutional arrangements.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"98 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135847379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Managing Bubbles in Experimental Asset Markets with Monetary Policy 用货币政策管理实验性资产市场的泡沫
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-04-29 DOI: 10.1111/jmcb.13050
MYRNA HENNEQUIN, CARS HOMMES
{"title":"Managing Bubbles in Experimental Asset Markets with Monetary Policy","authors":"MYRNA HENNEQUIN,&nbsp;CARS HOMMES","doi":"10.1111/jmcb.13050","DOIUrl":"10.1111/jmcb.13050","url":null,"abstract":"<p>We study the effect of a “leaning against the wind” monetary policy on asset price bubbles in a learning-to-forecast experiment, where prices are driven by the expectations of market participants. We find that a strong interest rate response is successful in preventing or deflating large price bubbles, while a weak response is not. Giving information about the interest rate changes and communicating the goal of the policy increases coordination of expectations and has a stabilizing effect. When the steady-state fundamental price is unknown and the interest rate rule is based on a proxy instead, the policy is less effective.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 2-3","pages":"429-454"},"PeriodicalIF":1.5,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13050","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45190150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unconventional Monetary Policy and the Behavior of Shorts 非常规货币政策与空头行为
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-04-14 DOI: 10.1111/jmcb.13045
THOMAS MCINISH, CHRISTOPHER J. NEELY, JADE PLANCHON
{"title":"Unconventional Monetary Policy and the Behavior of Shorts","authors":"THOMAS MCINISH,&nbsp;CHRISTOPHER J. NEELY,&nbsp;JADE PLANCHON","doi":"10.1111/jmcb.13045","DOIUrl":"10.1111/jmcb.13045","url":null,"abstract":"<p>We investigate the behavior of shorts, considered sophisticated investors, before and after a set of Federal Reserve unconventional monetary policy announcements that spot bond markets did not fully anticipate. Short interest in agency securities systematically predicts bond price changes and other asset returns on the days of monetary announcements, particularly when growth or monetary news is released, indicating shorts correctly anticipate these surprises. Shorts also systematically rebalance after announcements in the direction of the announcement surprise when the announcement releases monetary or growth news, suggesting that shorts interpret these announcements to imply further yield changes in the same direction.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 4","pages":"805-835"},"PeriodicalIF":1.5,"publicationDate":"2023-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134998384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corruption Control, Financial Development, and Growth Volatility: Cross-Country Evidence 腐败控制、金融发展和增长波动：跨国证据
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-04-13 DOI: 10.1111/jmcb.13051
PHILIPP STRUTHMANN, YABIBAL M. WALLE, HELMUT HERWARTZ
{"title":"Corruption Control, Financial Development, and Growth Volatility: Cross-Country Evidence","authors":"PHILIPP STRUTHMANN,&nbsp;YABIBAL M. WALLE,&nbsp;HELMUT HERWARTZ","doi":"10.1111/jmcb.13051","DOIUrl":"10.1111/jmcb.13051","url":null,"abstract":"<p>We examine the effect of corruption control on the volatility of economic growth using cross-country data that cover 131 economies worldwide for the period 1985–2018. To estimate the growth volatility model, we employ the system generalized method-of-moments estimator for dynamic panel data, which addresses potential endogeneity concerns using internal instruments. Our results show that corruption control significantly reduces growth volatility. This effect is robust to controlling for other measures of institutional quality. Moreover, we find some evidence for an indirect impact of corruption control on growth volatility through its role in reinforcing the volatility-dampening effect of financial development.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 7","pages":"1833-1860"},"PeriodicalIF":1.2,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jmcb.13051","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47680669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is Macroprudential Policy Instrument Blunt? Empirical Analysis Based on Japan's Experience from the 1970s to the 1990s 宏观审慎政策工具钝了吗?基于20世纪70年代至90年代日本经验的实证分析
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-04-13 DOI: 10.1111/jmcb.13052
Katsurako Sonoda, Nao Sudo
{"title":"Is Macroprudential Policy Instrument Blunt? Empirical Analysis Based on Japan's Experience from the 1970s to the 1990s","authors":"Katsurako Sonoda, Nao Sudo","doi":"10.1111/jmcb.13052","DOIUrl":"https://doi.org/10.1111/jmcb.13052","url":null,"abstract":"","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49209115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monetary Policy Communication: Perspectives from Former Policymakers at the ECB 货币政策沟通：欧洲央行前决策者的观点
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-04-09 DOI: 10.1111/jmcb.13054
Michael Ehrmann, Sarah Holton, Danielle Kedan, Gillian Phelan
{"title":"Monetary Policy Communication: Perspectives from Former Policymakers at the ECB","authors":"Michael Ehrmann,&nbsp;Sarah Holton,&nbsp;Danielle Kedan,&nbsp;Gillian Phelan","doi":"10.1111/jmcb.13054","DOIUrl":"10.1111/jmcb.13054","url":null,"abstract":"<p>A survey on monetary policy communication among former members of the Governing Council of the European Central Bank (ECB) reveals that enhancing credibility and trust is viewed as the most important objective of communication. Respondents judge communication with financial markets and experts as adequate, but see room for improvement in communicating with the public. The central bank objective is seen as the most important topic. Several respondents perceived the ECB's inflation aim of “below, but close to, 2%” that was in place at the time as ambiguous and in need of clarification. Overall, there is broad consensus on various communication issues.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 4","pages":"837-864"},"PeriodicalIF":1.5,"publicationDate":"2023-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135593171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monetary Policy and Net Exports Externalities in the Small Open Economy 小型开放经济中的货币政策与净出口外部性
IF 1.5 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-04-09 DOI: 10.1111/jmcb.13047
Jaegil Shim
{"title":"Monetary Policy and Net Exports Externalities in the Small Open Economy","authors":"Jaegil Shim","doi":"10.1111/jmcb.13047","DOIUrl":"https://doi.org/10.1111/jmcb.13047","url":null,"abstract":"","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":" ","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47286711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Illiquidity, R&D Investment, and Stock Returns 流动性不足，研发投资和股票收益
3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-04-09 DOI: 10.1111/jmcb.13053
SHAMIM AHMED, ZIWEN BU, XIAOXIA YE
{"title":"Illiquidity, R&amp;D Investment, and Stock Returns","authors":"SHAMIM AHMED, ZIWEN BU, XIAOXIA YE","doi":"10.1111/jmcb.13053","DOIUrl":"https://doi.org/10.1111/jmcb.13053","url":null,"abstract":"Abstract We propose a dynamic model of research and development (R&amp;D) venture, which predicts that the positive relation between the firm's R&amp;D investment and the expected stock returns strengthens with illiquidity. Consistent with the model's prediction, empirical evidence based on cross‐sectional regressions and double‐sorted portfolios largely suggests a stronger and positive R&amp;D–return relation among illiquid stocks. A further analysis shows that the important role of illiquidity in the R&amp;D–return relation cannot be explained by factors, such as financial constraints, innovation ability, and product market competition. Collectively, our results suggest that stock illiquidity is an independent driver of the R&amp;D premium.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135593172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
On the Controversy over the Origins of the Chicago Plan for 100% Reserves: Sorry, Frederick Soddy, it was Knight and (Most Probably) Simons! 关于芝加哥100%预备队计划起源的争议：对不起，弗雷德里克·索迪，是奈特和（很可能）西蒙斯！
IF 1.2 3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-03-30 DOI: 10.1111/jmcb.13046
GEORGE S. TAVLAS
{"title":"On the Controversy over the Origins of the Chicago Plan for 100% Reserves: Sorry, Frederick Soddy, it was Knight and (Most Probably) Simons!","authors":"GEORGE S. TAVLAS","doi":"10.1111/jmcb.13046","DOIUrl":"10.1111/jmcb.13046","url":null,"abstract":"<p>The idea of 100% reserve requirements against demand deposits received a renewed impetus in recent years. In 1933, a group of University of Chicago economists, led by Frank Knight and Henry Simons, circulated two memoranda that proposed the scheme in what became known as the Chicago Plan of Banking Reform. That same idea had been proposed in 1926 by Frederick Soddy, a Nobel Laureate in chemistry. Soddy claimed precedence, a claim that caught on. I provide evidence showing that Knight, and probably Simons, conceived the idea of 100% reserves prior to the publication of Soddy's 1926 book.</p>","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"56 6","pages":"1573-1594"},"PeriodicalIF":1.2,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45236172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Competitive Effects of IPOs: Evidence from Chinese Listing Suspensions ipo的竞争效应:来自中国上市公司停牌的证据
3区 经济学
Journal of Money Credit and Banking Pub Date : 2023-03-26 DOI: 10.1111/jmcb.13043
Frank Packer, Mark M. Spiegel
{"title":"Competitive Effects of IPOs: Evidence from Chinese Listing Suspensions","authors":"Frank Packer, Mark M. Spiegel","doi":"10.1111/jmcb.13043","DOIUrl":"https://doi.org/10.1111/jmcb.13043","url":null,"abstract":"Abstract Theory suggests that initial public offerings (IPOs) can adversely impact listed firms, both directly by increasing intraindustry competition, and indirectly by completing related asset market spaces. However, the endogeneity of individual IPO activity hinders testing these channels. This paper examines listing suspensions in China in a panel specification that accounts for macro‐economic and financial conditions, isolating the firm‐level IPO impact. We identify the competitive impact of listing suspensions through the value share of postponed firms in the IPO queue in their industry, and asset‐space competition by firms' historical covariance with a synthetic portfolio of listed firms with the IPO queue industry mix at the time of suspension. Our results support the predicted IPO effects through both channels. We also document heterogeneity in IPO effects. Stronger firms, measured through a variety of proxies, benefit less from the suspension news. These results are robust to a battery of sensitivity tests.","PeriodicalId":48328,"journal":{"name":"Journal of Money Credit and Banking","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135951318","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","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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