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  1. Parallel digital currencies and sticky prices
    Erschienen: December 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

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    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 28300
    Schlagworte: Virtuelle Währung; Preisrigidität; Währungswettbewerb; Wechselkurstheorie
    Umfang: 40, 16 Seiten, Illustrationen
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  2. Macroeconomic models for monetary policy
    a critical review from a finance perspective
    Erschienen: 2020
    Verlag:  Rodney L. White Center for Financial Research], [Philadelphia, PA

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    Auflage/Ausgabe: This draft: June 3, 2020
    Schriftenreihe: [Working papers / Rodney L. White Center for Financial Research ; 12, 20]
    Umfang: 1 Online-Ressource (circa 95 Seiten), Illustrationen
  3. Macroeconomic dynamics and reallocation in an epidemic
    Erschienen: April 23, 2020
    Verlag:  Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, Philadelphia, PA

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    Schriftenreihe: PIER working paper ; 20, 015
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  4. Phasing out plastics
    Erschienen: September 2020
    Verlag:  ODI, London

    Plastics today feature in every part of our lives and are found everywhere. The global realisation that plastics are an environmental problem has focused on plastic waste and pollution, but plastics are also problematic in terms of the global climate... mehr

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    Plastics today feature in every part of our lives and are found everywhere. The global realisation that plastics are an environmental problem has focused on plastic waste and pollution, but plastics are also problematic in terms of the global climate emergency, because almost all plastics today are made from fossil fuels. By 2050, on current trends, greenhouse gas emissions from plastics will increase threefold and could account for as much as 20% of total oil consumption. To achieve net zero emissions globally by 2050, it is critical that the plastics sector reduce its emissions to zero by that date. Building on recent literature about plastics and climate change, this report explores the potential for extensive emission reductions in the plastics sector. Using a scenario approach, we present an assessment of the technical feasibility of phasing out the production of new fossil plastics by 2050, based on detailed analysis of the potential to transform the use of plastics in four sectors - automotive, construction, packaging and electrical and electronic equipment.

     

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    Schriftenreihe: Report / ODI
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  5. Implications of geoengineering for developing countries
    Erschienen: November 2017
    Verlag:  Overseas Development Institute, London

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    Schriftenreihe: Working paper / Overseas Development Institute ; 524
    Schlagworte: Geoengineering; Wirkungsanalyse; Governance-Ansatz; Entwicklungsländer
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  6. How solar household systems contribute to resilience
    Erschienen: December 2017
    Verlag:  Overseas Development Institute, London

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    Schriftenreihe: Working paper / Overseas Development Institute ; 528
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  7. Central bank digital currency
    central banking for all?
    Erschienen: June 2020
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    Schriftenreihe: Working papers / Research Department, Federal Reserve Bank of Philadelphia ; 20, 19 (June 2020)
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  8. Central bank digital currency
    when price and bank stability collide
    Erschienen: December 2020
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    A central bank digital currency, or CBDC, may provide an attractive alternative to traditional demand deposits held in private banks. When offering CBDC accounts, the central bank needs to confront classic issues of banking: conducting maturity... mehr

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    A central bank digital currency, or CBDC, may provide an attractive alternative to traditional demand deposits held in private banks. When offering CBDC accounts, the central bank needs to confront classic issues of banking: conducting maturity transformation while providing liquidity to private customers who suffer "spending" shocks. We analyze these issues in a nominal version of a Diamond and Dybvig (1983) model, with an additional and exogenous price stability objective for the central bank. While the central bank can always deliver on its nominal obligations, runs can nonetheless occur, manifesting themselves either as excessive real asset liquidation or as a failure to maintain price stability. We demonstrate an impossibility result that we call the CBDC trilemma: of the three goals of efficiency, financial stability (i.e., absence of runs), and price stability, the central bank can achieve at most two.

     

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    hdl: 10419/229591
    Schriftenreihe: CESifo working paper ; no. 8773 (2020)
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  9. Central bank digital currency
    when price and bank stability collide
    Erschienen: December 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

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    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 28237
    Schlagworte: Zentralbank; Virtuelle Währung; Preisstabilität
    Umfang: 45 Seiten, Illustrationen
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  10. Macroeconomic dynamics and reallocation in an epidemic: evaluating the "Swedish solution"
    Erschienen: March 2021
    Verlag:  ECONtribute, Bonn

    In this paper, we argue that endogenous shifts in private consumption behavior across sectors of the economy can act as a potent mitigation mechanism during an epidemic or when the economy is re-opened after a temporary lockdown. We introduce a SIR... mehr

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    In this paper, we argue that endogenous shifts in private consumption behavior across sectors of the economy can act as a potent mitigation mechanism during an epidemic or when the economy is re-opened after a temporary lockdown. We introduce a SIR epidemiological model into a neoclassical production economy in which goods are distinguished by the degree to which they can be consumed at home rather than in a social, possibly contagious context. We demonstrate within the model, that the "Swedish solution" of letting the epidemic play out without much government intervention and allowing agents to reduce their overall consumption as well as shift their consumption behavior towards relatively safe sectors can lead to substantial mitigation of the economic and human costs of the COVID-19 crisis. We argue that significant seasonal variation in the infection risk is needed to account for the two-wave nature of the pandemic. We estimate the model on Swedish health data and show that it predicts the dynamics of weekly deaths, aggregate as well as sectoral consumption, that accord well with the empirical record and the two-waves for Sweden for 2020 and early 2021. We also characterize the allocation a social planner would choose and how it would dictate sectoral consumption patterns. In so doing, we demonstrate that the laissez-faire outcome with sectoral reallocation mitigates the economic and health crisis but possibly at the expense of unnecessary deaths and too massive a decline in economic activity.

     

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    hdl: 10419/237320
    Auflage/Ausgabe: This version: March 2021
    Schriftenreihe: ECONtribute discussion paper ; no. 075
    Schlagworte: Epidemic; Coronavirus; Macroeconomics; Sectoral Substitution
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  11. Interbank rate uncertainty and bank lending
    Erschienen: [2019]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper investigates the effects of interbank rate uncertainty on lending rates to euro area …firms. We introduce a novel measure of interbank rate uncertainty, computed as the cross-sectional dispersion in interbank market rates on overnight... mehr

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    This paper investigates the effects of interbank rate uncertainty on lending rates to euro area …firms. We introduce a novel measure of interbank rate uncertainty, computed as the cross-sectional dispersion in interbank market rates on overnight unsecured loans. Using proprietary bank-level data, we …find that interbank rate uncertainty signi…cantly raises lending rates on loans to fi…rms, with a peak effect of around 100 basis points during the 2007-2009 global …financial crisis and the 2010-2012 European sovereign crisis. This effect is attenuated for banks with lower credit risk, sounder capital positions and greater access to central bank funding.

     

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    ISBN: 9789289938808
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    hdl: 10419/208345
    Schriftenreihe: Working paper series / European Central Bank ; no 2311 (August 2019)
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  12. Money markets, collateral and monetary policy
    Erschienen: 21 November 2018
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Discussion paper series / Centre for Economic Policy Research ; DP13335
    Schlagworte: Interbankenmarkt; Geldmarkt; Liquiditätsbeschränkung; Kreditderivat; Geldpolitik; Theorie
    Umfang: 65 Seiten, Illustrationen
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  13. The James Joyce BBC radio drama collection
    Erschienen: [2019]
    Verlag:  Penguin Random House, [England]

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  14. Monetary policy shocks and the health of banks
    Erschienen: [2019]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Based on high frequency identification and other econometric tools, we find that monetary policy shocks had a significant impact on the health of euro area banks. Information effects, which made the private sector more pessimistic about future... mehr

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    Based on high frequency identification and other econometric tools, we find that monetary policy shocks had a significant impact on the health of euro area banks. Information effects, which made the private sector more pessimistic about future prospects of the economy and the profitability of the banking sector, were strongly present in the post-crisis period. We show that ECB communications at the press conference were crucial for the market response and that bank health benefitted from surprises, which steepened the yield curve. We find that the effects of monetary policy shocks on banks displayed some persistence. Other bank characteristics, in particular bank size, leverage and NPL ratios, amplified the impact of monetary policy shocks on banks. After the OMT announcement, we detect that the response of bank stocks to monetary policy shocks normalised. We discover that, in the post-crisis episode, Fed monetary policy shocks influenced euro area bank stock valuations.

     

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    ISBN: 9789289935654
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    hdl: 10419/208337
    Schriftenreihe: Working paper series / European Central Bank ; no 2303 (July 2019)
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  15. Cryptocurrencies, currency competition, and the impossible trinity
    Erschienen: August 2019
    Verlag:  National Bureau of Economic Research, Cambridge, MA

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    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 26214
    Schlagworte: Virtuelle Währung; Währungswettbewerb; Monetäre Außenwirtschaftstheorie
    Umfang: 32, xi Seiten, Illustrationen
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  16. Money markets, collateral and monetary policy
    Erschienen: February 2022
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Auflage/Ausgabe: This draft: December 2021.
    Schriftenreihe: BIS working papers ; no 997
    Schlagworte: money markets; collateral; monetary policy; balance sheet policies
    Umfang: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  17. The lasting influence of Robert E. Lucas on Chicago economics
    Autor*in: Uhlig, Harald
    Erschienen: 24 January 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP16953
    Schlagworte: Robert E. Lucas; Chicago economics; Monetary Neutrality; Microfoundations; businesscycletheory; Growth Theory
    Umfang: 1 Online-Ressource (circa 24 Seiten)
  18. A Luna-tic Stablecoin Crash
    Autor*in: Uhlig, Harald
    Erschienen: July 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    After remaining close to 1 US Dollar since its inception in November 2020, the algorithmic stablecoin UST crashed in the two weeks of May 9th to May 15th, 2022, leading to a price collapse of the underlying LUNA token and the erasure of more than 50... mehr

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    After remaining close to 1 US Dollar since its inception in November 2020, the algorithmic stablecoin UST crashed in the two weeks of May 9th to May 15th, 2022, leading to a price collapse of the underlying LUNA token and the erasure of more than 50 Billion U.S. Dollar or 90% in market value I provide a novel theory to account for these phenomena and use it to shed light on the data. I break new ground methodologically by showing how crashes unfold gradually, and by introducing the method of quantitative interpretation. To obtain a gradual unfolding of the crash, I allow for the possibility that the market might return to normal at any moment. Suspension of convertibility happens, once the price has fallen sufficiently far. Agents price LUNA, taking into account these probabilities as well as the ongoing inflow from burning UST coins. Agents sell their UST coins when the probability of an eventual suspension of convertibility exceeds some agent-specific threshold. The implications of the theory are highlighted in an analytically tractable example. The theory is then used as a guide to examine and interpret the data, using bi-hourly observations. I use the observed data to quantify theory variables and use them in turn to interpret the data. I find that the majority of the UST coin holders waited until the probability of suspension was rather high, before deciding to burn their holdings

     

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    Schriftenreihe: NBER working paper series ; no. w30256
    Schlagworte: Virtuelle Währung; Wechselkurs; Finanzkrise; Währungskrise; Stablecoin; Demand for Money; Foreign Exchange; Current Account Adjustment; Short-Term Capital Movements; Financial Crises; Asset Pricing; Trading Volume; Bond Interest Rates; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  19. A luna-tic stablecoin crash
    Autor*in: Uhlig, Harald
    Erschienen: 12 July 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17465
    Schlagworte: stablecoin; Run; cryptocurrencies; Luna; Terra UST; Currency Crisis; SpeculativeAttack; method of quantitative interpretation; gradual crash
    Umfang: 1 Online-Ressource (circa 76 Seiten), Illustrationen
  20. The Rise of Age-Friendly Jobs
    Erschienen: September 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    In 1990, one in five U.S. workers were aged over 50 years whereas today it is one in three. One possible explanation for this is that occupations have become more accommodating to the preferences of older workers. We explore this by constructing an... mehr

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    In 1990, one in five U.S. workers were aged over 50 years whereas today it is one in three. One possible explanation for this is that occupations have become more accommodating to the preferences of older workers. We explore this by constructing an "age-friendliness" index for occupations. We use Natural Language Processing to measure the degree of overlap between textual descriptions of occupations and characteristics which define age friendliness. Our index provides an approximation to rankings produced by survey participants and has predictive power for the occupational share of older workers. We find that between 1990 and 2020 around three quarters of occupations have seen their age-friendliness increase and employment in above-average age-friendly occupations has risen by 49 million. However, older workers have not benefited disproportionately from this rise, with substantial gains going to younger females and college graduates and with male non-college educated workers losing out the most. These findings point to the need to frame the rise of age-friendly jobs in the context of other labour market trends and imperfections. Purely age-based policies are insufficient given both heterogeneity amongst older workers as well as similarities between groups of older and younger workers. The latter is especially apparent in the overlapping appeal of specific occupational characteristics

     

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    Schriftenreihe: NBER working paper series ; no. w30463
    Schlagworte: Ältere Arbeitskräfte; Arbeitsbedingungen; USA; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity; Demographic Trends, Macroeconomic Effects, and Forecasts; Human Capital; Skills; Occupational Choice; Labor Productivity; Job, Occupational, and Intergenerational Mobility
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  21. Neoclassical Growth with Long-Term One-Sided Commitment Contracts
    Erschienen: September 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    This paper characterizes the stationary equilibrium of a continuous-time neoclassical production economy with capital accumulation in which households can insure against idiosyncratic income risk through long-term insurance contracts. Insurance... mehr

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    This paper characterizes the stationary equilibrium of a continuous-time neoclassical production economy with capital accumulation in which households can insure against idiosyncratic income risk through long-term insurance contracts. Insurance companies operating in perfectly competitive markets can commit to future contractual obligations, whereas households cannot. For the case in which household labor productivity takes two values, one of which is zero, and where households have log-utility we provide a complete analytical characterization of the optimal consumption insurance contract, the stationary consumption distribution and the equilibrium aggregate capital stock and interest rate. Under parameter restrictions, there is a unique stationary equilibrium with partial consumption insurance and a stationary consumption distribution that takes a truncated Pareto form. The unique equilibrium interest rate (capital stock) is strictly decreasing (increasing) in income risk. The paper provides an analytically tractable alternative to the standard incomplete markets general equilibrium model developed in Aiyagari (1994) by retaining its physical structure, but substituting the assumed incomplete asset markets structure with one in which limits to consumption insurance emerge endogenously, as in Krueger and Uhlig (2006)

     

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    Schriftenreihe: NBER working paper series ; no. w30518
    Schlagworte: Neoklassische Theorie; Wachstumstheorie; General; Consumption; Saving; Wealth
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  22. Neoclassical growth with long-term one-sided commitment contracts
    Erschienen: September 9, 2022
    Verlag:  Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, Philadelphia, PA

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    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: PIER working paper ; 22, 023
    Schlagworte: Neoklassische Theorie; Wachstumstheorie; Idiosyncratic Risk; Limited Commitment; Stationary Equilibrium
    Umfang: 1 Online-Ressource (circa 101 Seiten), Illustrationen
  23. Central bank digital currency
    central banking for all?
    Erschienen: February 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 1 (26753)
    uneingeschränkte Fernleihe, Kopie und Ausleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 26753
    Schlagworte: Zentralbank; Elektronisches Geld
    Umfang: 32 Seiten, Illustrationen
    Bemerkung(en):

    Erscheint auch als Online-Ausgabe

  24. Cryptocurrencies, currency competition, and the impossible trinity
    Erschienen: 21 August 2019
    Verlag:  Centre for Economic Policy Research, London

    Zugang:
    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    LZ 161
    keine Fernleihe
    Universitätsbibliothek Mannheim
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP13943
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  25. Macroeconomic dynamics and reallocation in an epidemic
    Erschienen: 12 April 2020
    Verlag:  Centre for Economic Policy Research, London

    Zugang:
    Verlag (lizenzpflichtig)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    LZ 161
    keine Fernleihe
    Universitätsbibliothek Mannheim
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP14607
    Schlagworte: Coronavirus; Konsumgüter; Substitutionsgüter; Substitutionselastizität; Konsumentenverhalten; Externer Effekt
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen