Publications

197 publications found, searching for 'Monetary Policy '

• Working Paper No. 916
  October 02, 2018

  Unconventional Monetary Policies and Central Bank Profits

  Jörg Bibow
  Abstract

  This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the aftermath of the global financial crisis of 2008–9, focusing on a select…more

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• Working Paper No. 911
  August 24, 2018

  Twenty Years of the German Euro Are More than Enough

  Jörg Bibow
  Abstract

  This paper reviews the performance of the euro area since the euro’s launch 20 years ago. It argues that the euro crisis has exposed existential flaws in the euro regime….more

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• Working Paper No. 910
  August 21, 2018

  Australian Government Bonds’ Nominal Yields

  Tanweer Akram and Anupam Das
  Abstract

  The short-term interest rate is the main driver of the Commonwealth of Australia government bonds’ nominal yields. This paper empirically models the dynamics of government bonds’ nominal yields using the…more

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• One-Pager No. 56
  June 19, 2018

  An Alternative to Sovereign Bond-Backed Securities for the Euro Area

  Mario Tonveronachi
  Abstract

  The European Commission's proposal for the regulation of sovereign bond-backed securities (SBBSs) follows the release of a high-level taskforce report, sponsored by the European Systemic Risk Board, on the feasibility…more

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• Public Policy Brief No. 145
  June 08, 2018

  European Sovereign Bond-Backed Securities

  Mario Tonveronachi
  Abstract

  In response to a proposal put forward by the European Commission for the regulation of sovereign bond-backed securities (SBBSs), Mario Tonveronachi provides his analysis of the SBBS scheme and attendant…more

  Download Public Policy Brief No. 145, 2018 PDF (236.81 KB)
• Working Paper No. 906
  May 11, 2018

  The Dynamics of Japanese Government Bonds’ Nominal Yields

  Tanweer Akram and Huiqing Li
  Abstract

  This paper employs a Keynesian perspective to explain why Japanese government bonds’ (JGBs) nominal yields have been low for more than two decades. It deploys several vector error correction (VEC)…more

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• Working Paper No. 897
  September 20, 2017

  Quantitative Easing and Asset Bubbles in a Stock-flow Consistent Framework

  Tai Young-Taft and Cameron Haas
  Abstract

  Ever since the Great Recession, central banks have supplemented their traditional policy tool of setting the short-term interest rate with massive buyouts of assets to extend lines of credit and…more

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• Working Paper No. 894
  August 04, 2017

  An Inquiry Concerning Long-term US Interest Rates Using Monthly Data

  Tanweer Akram and Huiqing Li
  Abstract

  This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within…more

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• Working Paper No. 889
  May 08, 2017

  The Dynamics of Government Bond Yields in the Eurozone

  Tanweer Akram and Anupam Das
  Abstract

  This paper investigates the determinants of nominal yields of government bonds in the eurozone. The pooled mean group (PMG) technique of cointegration is applied on both monthly and quarterly datasets…more

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• Working Paper No. 881
  January 11, 2017

  The Long-run Determinants of Indian Government Bond Yields

  Tanweer Akram and Anupam Das
  Abstract

  This paper investigates the long-term determinants of Indian government bonds’ (IGB) nominal yields. It examines whether John Maynard Keynes’s supposition that short-term interest rates are the key driver of long-term…more

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• Working Paper No. 876
  October 12, 2016

  Normalizing the Fed Funds Rate

  Flavia Dantas
  Abstract

  In December 2015, the Federal Reserve Board (FRB) initiated the process of “normalization,” with the objective of gradually raising the federal funds rate back to “normal”—i.e., levels that are “neither…more

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• Working Paper No. 868
  June 06, 2016

  From Antigrowth Bias to Quantitative Easing

  Jörg Bibow
  Abstract

  This paper investigates the European Central Bank’s (ECB) monetary policies. It identifies an antigrowth bias in the bank’s monetary policy approach: the ECB is quick to hike, but slow to…more

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• Working Paper No. 864
  April 18, 2016

  Maximizing Price Stability in a Monetary Economy

  Warren Mosler and Damiano B. Silipo
  Abstract

  In this paper we analyze options for the European Central Bank (ECB) to achieve its single mandate of price stability. Viable options for price stability are described, analyzed, and tabulated…more

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• Working Paper No. 863
  March 31, 2016

  The Empirics of Long-Term US Interest Rates

  Tanweer Akram and Huiqing Li
  Abstract

  US government indebtedness and fiscal deficits increased notably following the global financial crisis. Yet long-term interest rates and US Treasury yields have remained remarkably low. Why have long-term interest rates…more

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• Working Paper No. 862
  March 17, 2016

  Japan’s Liquidity Trap

  Tanweer Akram
  Abstract

  Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This paper examines Japan’s liquidity trap in light of the structure and…more

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• One-Pager No. 51
  December 11, 2015

  Completing the Single Financial Market and New Fiscal Rules for the Euro Area

  Mario Tonveronachi
  Abstract

  Until market participants across the euro area face a single risk-free yield curve rather than a diverse collection of quasi-risk-free sovereign rates, financial market integration will not be complete. Unfortunately,…more

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• Working Paper No. 855
  November 30, 2015

  The Two Approaches to Money

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept…more

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• Public Policy Brief No. 140
  November 18, 2015

  The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules

  Mario Tonveronachi
  Abstract

  Mario Tonveronachi, University of Siena, builds on his earlier proposal (The ECB and the Single European Financial Market) to advance financial market integration in Europe through the creation of a…more

  Download Public Policy Brief No. 140, 2015 PDF (381.64 KB)
• Book Series
  November 05, 2015

  Financial Regulation in the European Union

  Abstract

  Have past and more recent regulatory changes contributed to increased financial stability in the European Union (EU), or have they improved the efficiency of individual banks and national financial systems…more

• Working Paper No. 850
  October 28, 2015

  The Macroeconomics of a Financial Dutch Disease

  Alberto Botta
  Abstract

  We describe the medium-run macroeconomic effects and long-run development consequences of a financial Dutch disease that may take place in a small developing country with abundant natural resources. The first…more

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• Working Paper No. 848
  October 23, 2015

  Is Monetary Financing Inflationary?

  Josh Ryan-Collins
  Abstract

  Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today….more

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• Working Paper No. 845
  September 30, 2015

  The Euro’s Savior?

  Jörg Bibow
  Abstract

  This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB’s scope for…more

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• Book Series
  September 29, 2015

  Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, Second Edition

  L. Randall Wray
  Abstract

  In a completely revised second edition, Senior Scholar L. Randall Wray presents the key principles of Modern Money Theory, exploring macro accounting, monetary and fiscal policy, currency regimes, and exchange…more

• Working Paper No. 843
  July 27, 2015

  Is a Very High Public Debt a Problem?

  Pedro Leao
  Abstract

  This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a…more

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