Tiered CBDC and the financial system ECB (2020-01-07)
IT progress and its application to the financial industry have inspired central banks and academics to analyse the merits of central bank digital currencies (CBDC) accessible to the broad public. This paper first reviews .. more |
Risk Premia at the ZLB: A Macroeconomic Interpretation FRB of Chicago (2020-01-07)
Historically, inflation is negatively correlated with stock returns, leading investors to fear inflation. We document using a variety of measures that this association became positive in the U.S. during the 2008-2015 per .. more |
Population Ageing and the Macroeconomy Bank of France (2020-01-07)
We quantify the impact of demographic change on real interest rates, house prices and household debt in an overlapping-generations model. Falling birth and death rates across advanced economies can explain much of the ob .. more |