Global Banking, Financial Spillovers, and Macroprudential Policy Coordination BIS (2019-01-22)
The gains from international macroprudential policy coordination are studied in a two-region, core-periphery macroeconomic model with imperfect financial integration and cross-border banking. Financial frictions occur at .. more |
A Framework for Analyzing Monetary Policy in an Economy with E-money Bank of Canada (2019-01-22)
This paper considers an economy where central-bank-issued fiat money competes with privately issued e-money. We study a policy-setting game between the central bank and the e-money issuer and find (1) the optimal monetar .. more |
Digital Cash: Principles & Practical Steps NBER (2019-01-22)
If the global economy encounters another severe adverse shock in coming years, will major central banks be able to provide sufficient monetary stimulus to preserve price stability and foster economic recovery? Our empiri .. more |