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  1. Credit mechanics
    a precursor to the current money supply debate
    Autor*in: Decker, Frank; Goodhart, Charles A. E.
    Erschienen: 09 October 2018
    Verlag:  Centre for Economic Policy Research, London

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 32 (13233)
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Discussion paper series / Centre for Economic Policy Research ; DP13233
    Schlagworte: Geldangebotstheorie; Geldtheorie; Ökonomische Ideengeschichte; Deutschland
    Umfang: 38 Seiten
    Bemerkung(en):

    Erscheint auch als Online-Ausgabe
  2. A model of QE, reserve demand and the money multiplier
    Autor*in: Ryan, Ellen; Whelan, Karl
    Erschienen: 2021
    Verlag:  UCD School of Economics, University College Dublin, Dublin

    Quantitative easing programmes have driven unprecedented expansions in the supply of central bank reserves around the world over the past two decades, fundamentally changing the implementation of monetary policy. The collapse in money multipliers... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 120
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    Quantitative easing programmes have driven unprecedented expansions in the supply of central bank reserves around the world over the past two decades, fundamentally changing the implementation of monetary policy. The collapse in money multipliers following QE episodes has often been interpreted as implying banks are happy to passively hold most of the reserves created by QE. This paper develops a simple micro-simulation model of the banking sector that adapts the traditional money multiplier model and allows for bank reserve demand to be inferred from monetary aggregates. The model allows the use of unwanted reserves by banks to play out over time alongside QE purchases and incorporates both significantly higher reserve demand after 2008 and capital constraints. With these additions, the model explains the persistently lower money multipliers seen in the US following QE, as well as the growth in commercial bank deposits. The model suggests the demand from banks for reserves has increased substantially since the introduction of QE but not to the point where banks are passively absorbing all newly created reserves.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/237585
    Schriftenreihe: Working paper series / UCD Centre for Economic Research ; WP21, 07 (February 2021)
    Schlagworte: Quantitative Lockerung; Geldangebotstheorie; Finanzsystem; Zentralbank; Simulation; USA
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  3. The sub-optimality of the Friedman rule and the optimum quantity of money
    Autor*in: Paál, Beatrix; Smith, Bruce D.
    Erschienen: 2001
    Verlag:  [Institute of Economics, Hungarian Academy of Sciences], [Budapest]

    According to the logic of the Friedman rule, the opportunity cost of holding money faced by private agents should equal the social cost of creating additional fiat money. Thus nominal rates of interest should be zero. This logic has been shown to be... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 151 (2001,13)
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    According to the logic of the Friedman rule, the opportunity cost of holding money faced by private agents should equal the social cost of creating additional fiat money. Thus nominal rates of interest should be zero. This logic has been shown to be correct in a number of contexts, with and without various distortions. In practice, however, economies that have confronted very low nominal rates of interest over extended periods have been viewed as performing very poorly rather than as performing very well. Examples include the U.S. during the Great Depression, or Japan during the last decade. Indeed economies experiencing low nominal interest rates have often suffered severe and long-lasting recessions. This observation suggests that the logic of the Friedman rule needs to be reassessed. We consider the possibility that low nominal rates of interest imply that fiat money is a good asset. As a result, agents are induced to hold an excessive amount of savings in the form of money, and a suboptimal amount of savings in other, more productive forms. Hence low nominal interest rates can lead to low rates of investment and, in an endogenous growth model, to low rates of real growth. This is a cost of following the Friedman rule. Benefits of following the Friedman rule include the possibility that banks will provide considerable liquidity, reducing the cost of transactions that require cash. With this trade-off, we describe conditions under which the Friedman rule is and is not optimal. Finally, our model predicts that excessively high rates of inflation, and nominal rates of interest, are detrimental to growth. This implication of the model, which is consistent with observation, in turn implies that there is a nominal rate of interest that maximizes an economy s real growth rate. We characterize this interest rate, and we describe when it is and is not optimal to drive the nominal rate of interest to its growth maximizing level.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/108028
    Schriftenreihe: Array ; [2001, 13]
    Schlagworte: Nominalzins; Geldmenge; Geldpolitik; Geldangebotstheorie; Theorie
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
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  4. The role of sentiment in the provision of credit
    Autor*in: Meyer, Björn O.
    Erschienen: 2014
    Verlag:  Kiel Inst. for the World Economy, Kiel

    The provision of credit has been shown to be eminent for macroeconomic activity. Recent research highlighted that optimism may play a role in the provision of credit through leverage cycles. A decomposition of corporate bond spreads allows the... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 119 (466)
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    The provision of credit has been shown to be eminent for macroeconomic activity. Recent research highlighted that optimism may play a role in the provision of credit through leverage cycles. A decomposition of corporate bond spreads allows the modelling of a propensity-to-lend through an excess bond premium. In the US economy, optimism in various sentiment measures causes within a VAR model, including other financial market variables, a fall of this excess bond premium and therefore increase the propensity-to-lend. Use of the Michigan Consumer Sentiment Index and animal spirit indices show a variation of information content in sentiment and different types of animal spirits. The overall reaction to positive animal spirits seems to be dominated by a positive response of the credit provision and its subsequent reversal, while an increase in the MCSI causes a more persistent positive response.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
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    Format: Online
    Weitere Identifier:
    hdl: 10419/103752
    Schriftenreihe: Kiel advanced studies working papers ; 466
    Schlagworte: Geldangebotstheorie; Entscheidung unter Unsicherheit; Unternehmensanleihe; Dekompositionsverfahren; USA
    Umfang: Online-Ressource (45 S.), graph. Darst.
  5. Contagion of fear
    Autor*in: Mitchener, Kris; Richardson, Gary
    Erschienen: March 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1 (26859)
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    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 26859
    Schlagworte: Bankenkrise; Ansteckungseffekt; Kredit; Geldangebotstheorie; USA
    Umfang: 69 Seiten, Illustrationen
    Bemerkung(en):

    Erscheint auch als Online-Ausgabe
  6. Real Effects of Stabilizing Private Money Creation
    Autor*in: Xu, Chenzi; Yang, He
    Erschienen: May 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We show that decentralized privately created money with unstable values can hinder the traded, more transaction-friction sensitive, sector of the economy. We do so in the context of the NationalBanking Act of 1864 in the United States that created a... mehr

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Standort:
    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We show that decentralized privately created money with unstable values can hinder the traded, more transaction-friction sensitive, sector of the economy. We do so in the context of the NationalBanking Act of 1864 in the United States that created a new federally-regulated, fully-backed currency as an alternative to the pre-existing money supply, which consisted of unsecured notes printed by thousands of local private banks. Using a discontinuous change across towns in the costs of accessing this new type of stable, federally-backed money as a natural experiment, we show that places gaining access to the new currency experienced a shift in the composition of agricultural production from non-traded to traded goods and increased employment in trade-related professions. In addition, counties gaining access to the new stable money increased their manufacturing output by sourcing more inputs, and they innovated more, all consistent with the stable currency improving their market access and allowing them to expand through trade

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w30060
    Schlagworte: Geldmenge; Geldschöpfung; Währungssystem; Finanzmarkt; Geldangebotstheorie; Geldgeschichte; USA; National Banking Act; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; Financial Markets and the Macroeconomy; Money Supply; Credit; Money Multipliers; Empirical Studies of Trade; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; U.S.; Canada: Pre-1913; U.S.; Canada: Pre-1913
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  7. Credit supply and monetary policy
    identifying the bank balance-sheet channel with loan applications
    Autor*in: Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; Saurina, Jesús
    Erschienen: September 2010
    Verlag:  Universitat Pompeu Fabra, Department of Economics and Business, Barcelona

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 574
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    Sprache: Englisch
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    Format: Online
    Schriftenreihe: Economics working paper series ; no. 1706
    Schlagworte: Geldangebotstheorie; Spanien
    Umfang: 1 Online-Ressource (circa 30 Seiten)
  8. The impact of the excess reserves of the banking sector on interest rates and money supply in Poland
    Autor*in: Kapuściński, Mariusz; Pietryka, Ilona
    Erschienen: 2019
    Verlag:  Narodowy Bank Polski, Warsaw

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1345 (300)
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    Schriftenreihe: NBP working paper ; no. 300
    Schlagworte: Bankenliquidität; Geldpolitische Transmission; Geldmenge; Geldangebotstheorie; Polen; Tschechien; Ungarn; Eurozone
    Umfang: 48 Seiten, Illustrationen
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    Erscheint auch als Online-Ausgabe
  9. The behavior of the money multiplier during and after the subprime crisis
    implications for the transmission mechanism of monetary policy
    Autor*in: Cukierman, Alex
    Erschienen: 06 December 2017
    Verlag:  Centre for Economic Policy Research, London

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 32 (12490)
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    Schriftenreihe: Array ; DP 12490
    Schlagworte: Geldpolitische Transmission; Geldangebotstheorie; Subprime-Krise; USA
    Umfang: 8 Seiten, Illustrationen
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    Erscheint auch als Online-Ausgabe
  10. Why high leverage is optimal for banks
    Autor*in: DeAngelo, Harry; Stulz, René M.
    Erschienen: 2013

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1 (19139)
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    Schriftenreihe: NBER working paper series ; 19139
    Schlagworte: Kreditgeschäft; Liquidität; Geldangebotstheorie; Kapitalstruktur; Wohlfahrtsanalyse; Theorie
    Umfang: 20 S.
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    Parallel als Online-Ausg. erschienen