Central bank equity as an instrument of monetary policy

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F19%3A63523483" target="_blank" >RIV/70883521:28120/19:63523483 - isvavai.cz</a>

Nalezeny alternativní kódy

RIV/00216208:11230/20:10393801

Výsledek na webu

<a href="https://link.springer.com/article/10.1057/s41294-019-00092-1" target="_blank" >https://link.springer.com/article/10.1057/s41294-019-00092-1</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1057/s41294-019-00092-1" target="_blank" >10.1057/s41294-019-00092-1</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Central bank equity as an instrument of monetary policy

Popis výsledku v původním jazyce

We examine the use of central bank equity as an unconventional monetary policy tool. In this setting, a central bank employs digital currency to transfer digital cash to each household, thus supporting consumption directly when needed. The asset side of the central bank’s balance sheet remains unchanged, and the creation of new digital cash is offset by a decrease in central bank equity. The central bank thus incurs an immediate loss but does not take on any additional risks for its future income statements. We address several objections to this policy, paying particular attention to the claim that weakening the financial strength of the central bank endangers long-term price stability. Through a meta-analysis of 176 estimates reported previously in the literature, we find that central bank financial strength has not historically correlated with inflation performance.

Název v anglickém jazyce

Central bank equity as an instrument of monetary policy

Popis výsledku anglicky

We examine the use of central bank equity as an unconventional monetary policy tool. In this setting, a central bank employs digital currency to transfer digital cash to each household, thus supporting consumption directly when needed. The asset side of the central bank’s balance sheet remains unchanged, and the creation of new digital cash is offset by a decrease in central bank equity. The central bank thus incurs an immediate loss but does not take on any additional risks for its future income statements. We address several objections to this policy, paying particular attention to the claim that weakening the financial strength of the central bank endangers long-term price stability. Through a meta-analysis of 176 estimates reported previously in the literature, we find that central bank financial strength has not historically correlated with inflation performance.

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

<a href="/cs/project/GA18-02513S" target="_blank" >GA18-02513S: Meta-analýzy determinant akciových výnosů</a><br>

Návaznosti

V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Rok uplatnění

2019

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Comparative Economic Studies

ISSN

0888-7233

e-ISSN

—

Svazek periodika

62

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

CH - Švýcarská konfederace

Počet stran výsledku

19

Strana od-do

49-68

Kód UT WoS článku

—

EID výsledku v databázi Scopus

2-s2.0-85064690711