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  1. Coexistence of money and interest-bearing bonds
    Autor*in: Buggenum, Hugo van
    Erschienen: 19 July 2021
    Verlag:  CentER, Center for Economic Research, Tilburg

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    Schriftenreihe: Discussion paper / CentER, Center for Economic Research ; no. 2021, 019
    Schlagworte: new monetarism; coexistence puzzle; liquidity; financial markets
    Umfang: 1 Online-Ressource (circa 79 Seiten, Illustrationen
  2. Risk, inside money, and the real economy
    Autor*in: Buggenum, Hugo van
    Erschienen: 19 July 2021
    Verlag:  CentER, Center for Economic Research, Tilburg

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    Schriftenreihe: Discussion paper / CentER, Center for Economic Research ; no. 2021, 020
    Schlagworte: inside and outside money; risk; policy; investment; new monetarism
    Umfang: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  3. Banks and financial markets in microfounded models of money
    Autor*in: Buggenum, Hugo van
    Erschienen: [2021]
    Verlag:  Tilburg University, Tilburg

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    Sprache: Englisch
    Medientyp: Dissertation
    Format: Online
    ISBN: 9789056686536
    Weitere Identifier:
    Schriftenreihe: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 652 (2021)]
    Schlagworte: Zero Lower Bound; Normal Interesr Rate; Financial Markets; Credit; Private Money; Payment Instruments; Money Creation; Optimal Monetary Policy; Savings; Assets; Recession; Zero Lower Bound; Economics; Deposits; Household
    Umfang: 1 Online-Ressource (circa 73 Seiten), Illustrationen
    Bemerkung(en):

    Dissertation, Tilburg University, 2021
  4. Nonlinear unemployment effects of the inflation tax
    Autor*in: Lahcen, Mohammed Ait; Baughman, Garth; Rabinovich, Stanislav; Buggenum, Hugo van
    Erschienen: June 2021
    Verlag:  University of Zurich, Department of Economics, Zurich

    We argue that long-run inflation has nonlinear and state-dependent effects on unemployment, output, and welfare. Using panel data from the OECD, we document three correlations. First, there is a positive long-run relationship between anticipated... mehr

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    We argue that long-run inflation has nonlinear and state-dependent effects on unemployment, output, and welfare. Using panel data from the OECD, we document three correlations. First, there is a positive long-run relationship between anticipated inflation and unemployment. Second, there is also a positive correlation between anticipated inflation and unemployment volatility. Third, the long-run inflation-unemployment relationship is not only positive, but also stronger when unemployment is higher. We show that these correlations arise in a standard monetary search model with two shocks - productivity and monetary - and frictions in labor and goods markets. Inflation lowers the surplus from a worker-firm match, in turn making it sensitive to productivity shocks or to further increases in inflation. We calibrate the model to match the US postwar labor market and monetary data and show that it is consistent with observed cross-country correlations. The model implies that the welfare cost of inflation is nonlinear in the level of inflation and is amplified by the presence of aggregate shocks.

     
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    hdl: 10419/243114
    Auflage/Ausgabe: This version: June 3, 2021
    Schriftenreihe: Working paper series / University of Zurich, Department of Economics ; no. 390
    Schlagworte: Money; search; inflation; unemployment; unemployment volatility; fundamental surplus; product-labor market interaction
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  5. Racial unemployment gaps and the disparate impact of the inflation tax
    Autor*in: Ait Lahcen, Mohammed; Baughman, Garth; Buggenum, Hugo van
    Erschienen: March 13, 2023
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Schriftenreihe: Finance and economics discussion series ; 2023, 017
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  6. Racial unemployment gaps and the disparate impact of the inflation tax
    Autor*in: Ait Lahcen, Mohammed; Baughman, Garth; Buggenum, Hugo van
    Erschienen: April 2023
    Verlag:  University of Zurich, Department of Economics, Zurich

    We study the nonlinearities present in a standard monetary labor search model modified to have two groups of workers facing exogenous differences in the job finding and separation rates. We use our setting to study the racial unemployment gap between... mehr

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    We study the nonlinearities present in a standard monetary labor search model modified to have two groups of workers facing exogenous differences in the job finding and separation rates. We use our setting to study the racial unemployment gap between Black and white workers in the US. A calibrated version of the model is able to replicate the difference between the two groups both in the level and volatility of unemployment. We show that the racial unemployment gap is counter-cyclical and that its reaction to shocks is state-dependent. In particular, following a negative productivity shock, when aggregate unemployment is above average the gap increases by 0.6pp more than when aggregate unemployment is below average. In terms of policy, we study the implications of different inflation regimes on the racial unemployment gap. Higher trend inflation increases both the level of the unemployment gap and the magnitude of its response to shocks.

     
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    hdl: 10419/275658
    Schriftenreihe: Working paper series / University of Zurich, Department of Economics ; no. 433
    Schlagworte: unemployment; discrimination; racial inequality; monetary policy; inflation
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  7. Nonlinear unemployment effects of the inflation tax
    Autor*in: Lahcen, Mohammed Ait; Baughman, Garth; Rabinovich, Stanislav; Buggenum, Hugo van
    Erschienen: June 25, 2021
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Auflage/Ausgabe: This version: June 25, 2021
    Schriftenreihe: Finance and economics discussion series ; 2021, 040
    Schlagworte: money; search; inflation; unemployment; unemployment volatility; fundamen-tal surplus; product-labor market interaction
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  8. Money, asses markets and efficiency of capital formation
    Autor*in: Buggenum, Hugo van; Uras, Burak
    Erschienen: 15 January 2019
    Verlag:  CentER, Center for Economic Research, Tilburg

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Schriftenreihe: Discussion paper / CentER, Center for Economic Research ; no. 2019, 002
    Schlagworte: Optimal Monetary Policy; Asset Markets; Under-investment; Over-investment
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
    Bemerkung(en):

    Der Haupttitel sollte lauten: Money, asset markets and efficiency of capital formation
  9. Systemic bank runs without aggregate risk
    how a misallocation of liquidity may trigger a solvency crisis
    Autor*in: Altermatt, Lukas; Buggenum, Hugo van; Voellmy, Lukas
    Erschienen: [2022]
    Verlag:  Swiss National Bank, Zurich

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    Schriftenreihe: SNB working papers ; 2022, 10
    Schlagworte: Fragility; deposit freezes; emergency liquidity
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  10. Preference heterogeneity and optimal monetary policy
    Autor*in: Uras, Burak; Buggenum, Hugo van
    Erschienen: 29 October 2020
    Verlag:  CentER, Center for Economic Research, Tilburg

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    Schriftenreihe: Discussion paper / CentER, Center for Economic Research ; no. 2020, 030
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  11. On the negatives of negative interest rates and the positives of exemption thresholds
    Autor*in: Berentsen, Aleksander; Buggenum, Hugo van; Ruprecht, Romina
    Erschienen: December 2020
    Verlag:  University of Zurich, Department of Economics, Zurich

    Major central banks remunerate reserves at negative interest rates and it is increasingly likely that they will keep rates negative for many more years. To study the long run implications of negative rates, we construct a dynamic general equilibrium... mehr

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    Major central banks remunerate reserves at negative interest rates and it is increasingly likely that they will keep rates negative for many more years. To study the long run implications of negative rates, we construct a dynamic general equilibrium model with commercial banks funding investment projects and a central bank issuing reserves. Negative rates distort investment decisions resulting in lower output and welfare. These findings sharply contrast the short-run expansionary effects ascribed to negative rate policies by most of the existing literature. Negative rates also reduce commercial bank profitability. Exempting a fraction of reserves from negative rates can resolve profitability concerns without affecting the central bank's ability to control the money market rate. However, exemption thresholds do no mitigate the investment distortions created by negative rates.

     
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    Weitere Identifier:
    hdl: 10419/228873
    Schriftenreihe: Working paper series / University of Zurich, Department of Economics ; no. 372
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  12. Money creation in a neoclassical economy
    equilibrium multiplicity and the liquidity trap
    Autor*in: Altermatt, Lukas; Buggenum, Hugo van; Voellmy, Lukas
    Erschienen: 2024-06
    Verlag:  KOF, Zurich, Switzerland

    We introduce banks that issue liquid deposits backed by bonds and capital into an otherwise standard cash-in-advance economy. Liquidity transformation by banks increases aggregate consumption and investment relative to a cash-only economy but can... mehr

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    We introduce banks that issue liquid deposits backed by bonds and capital into an otherwise standard cash-in-advance economy. Liquidity transformation by banks increases aggregate consumption and investment relative to a cash-only economy but can also lead to inefficient overinvestment. Furthermore, liquidity transformation can lead to multiple steady-state equilibria with different interest rates and real outcomes. Whenever multiple equilibria exist, one of them constitutes a 'liquidity trap', in which nominal bond rates equal zero and banks are indifferent between holding bonds and reserves. Whether economic activity is higher in a liquidity trap or in a (coexisting) equilibrium with positive interest rates is ambiguous, but the liquidity trap equilibrium is more likely to go in hand with overinvestment.

     
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    hdl: 20.500.11850/676909
    hdl: 10419/299375
    Schriftenreihe: KOF working papers ; no. 516 (06/2024)
    Schlagworte: Banks; Liquidity; Monetary Policy; Zero-Lower Bound
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  13. Liquid equity and boom-bust dynamics
    Autor*in: Buggenum, Hugo van
    Erschienen: 2024-07
    Verlag:  KOF, Zurich, Switzerland

    I develop and analyze a monetary model with liquid equity. Equity is a claim on the profits of firms acting as sellers in the search-and-matching market. Buyers in that market devote search to obtain matches with firms, and use the equity to relax a... mehr

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    I develop and analyze a monetary model with liquid equity. Equity is a claim on the profits of firms acting as sellers in the search-and-matching market. Buyers in that market devote search to obtain matches with firms, and use the equity to relax a liquidity constraint. The dual nature of equity in the search-and-matching market entails a strategic complementary in search operating through buyers' liquidity constraint, and it gives rise to endogenous booms and busts. The economy is stable in an inflation-targeting regime if combined with asset purchases, meaning the government effectively puts a floor below the value of equity.

     
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    hdl: 20.500.11850/685405
    hdl: 10419/301212
    Schriftenreihe: KOF working papers ; no. 519 (07/2024)
    Schlagworte: coordination; equity; liquidity; money-search; sunspots
    Umfang: 1 Online-Ressource (circa 73 Seiten), Illustrationen
  14. Contagious stablecoins?
    Autor*in: Buggenum, Hugo van; Gersbach, Hans; Zelzner, Sebastian
    Erschienen: [2023]
    Verlag:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    Can competing stablecoins produce efficient and stable outcomes? We study competition among stablecoins pegged to a stable currency. They are backed by interest-bearing safe assets and can be redeemed with the issuer or traded in a secondary market.... mehr

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    Can competing stablecoins produce efficient and stable outcomes? We study competition among stablecoins pegged to a stable currency. They are backed by interest-bearing safe assets and can be redeemed with the issuer or traded in a secondary market. If an issuer sticks to an appropriate investment and redemption rule, its stablecoin is invulnerable to runs. Since an issuer must pay interest on its stablecoin if other issuers also pay interest, competing interest-bearing stablecoins, however, are contagious and can render the economy inefficient and unstable. The efficient allocation is uniquely implemented when regulation prevents interest payments on stablecoins.

     
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    hdl: 10419/285365
    Auflage/Ausgabe: This Version: January 31, 2024
    Schriftenreihe: CFS working paper series ; no. 717
    Schlagworte: Stablecoins; currency competition; free banking; private money; digital money
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  15. Contagious stablecoins?
    Autor*in: Buggenum, Hugo van; Gersbach, Hans; Zelzner, Sebastian
    Erschienen: 12 October 2023
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP18521
    Schlagworte: Stablecoins; Currency competition; Free banking; Private money; digital money
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  16. On the negatives of negative interest rates
    Autor*in: Berentsen, Aleksander; Buggenum, Hugo van; Ruprecht, Romina
    Erschienen: September 18, 2023
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Schriftenreihe: Finance and economics discussion series ; 2023, 064
    Schlagworte: negative interest rate; money market; monetary policy; interest rates
    Umfang: 1 Online-Ressource (circa 75 Seiten), Illustrationen