Tag Archives: Contributions

To analyze the transmission from interest rate policies to output and inflation, many academics and central bank economists use the basic New Keynesian (NK) ‘three-equation model’ and its various extensions. A key factor responsible for the model’s success is the seeming alignment with conventional wisdom—some of the model features can be framed in the language of familiar business cycle narratives, as found in newspapers, central bank communication, or introductory macroeconomics...

Neue Zürcher Zeitung, January 25, 2024. PDF. HTML. Kritik an der Höhe der SNB-Ausschüttungen ist somit nur gerechtfertigt, wenn die Finanzverantwortlichen von Bund und Kantonen die genannten Hebel nicht in Bewegung setzen können. Einer solchen Kritik muss sich die SNB stellen. Sie hat die Kompetenz, ihre Bilanz nach geldpolitischen Erfordernissen zu gestalten, aber eine mechanische Rückstellungspolitik entspricht diesem Erfordernis kaum. Die SNB sollte daher begründen, warum eine...

The Bank of England and HM Treasury have formed a CBDC Academic Advisory Group (AAG). The AAG will bring together a diverse, multi-disciplinary group of experts to encourage academic research, debate and promote discussion on a range of topics, to support the Bank and HM Treasury’s work during the design phase of a digital pound. Members: Alexander Edmund Voorhoeve Professor of Philosophy London School of Economics Alistair Milne Professor of Financial Economics Loughborough University...

Katrin Assenmacher (ECB), Peter Bofinger (U of Wurzburg), Rod Garratt (UCSB, BIS), Alexandre Stervinou (Banque de France). Chair: Dirk Niepelt. One of the opening events at CEPR’s Paris Symposium 2023. Organizer: Tessa Ogden, Dirk Niepelt.

Conference jointly organized by CEPR’s RPN FinTech & Digital Currencies and the European Central Bank. Welcome speech by Piero Cippolone, keynote by Fabio Panetta. Organizers: Toni Ahnert, Katrin Assenmacher, Massimo Ferrari Minesso, Peter Hoffmann, Arnaud Mehl, Dirk Niepelt. CEPR’s conference website. ECB’s website with videos. Website with pictures.

Panel at the Bank of Canada/Riksbank Conference on the Economics of CBDC, November 16, 2023. Video. Fed Governor Christopher Waller, UCSB professor Rod Garratt and myself assess the case for central bank digital currency and stable coins and respond to excellent questions from the audience.

In Christos V. Gortsos and Rolf Sethe, editors: Central Bank Digital Currencies, EIZ Publishing, ch. 3, Zurich, October 2023. PDF.

VoxEU, September 27, 2023. HTML. From the conclusions: … it is critical to account for indirect in addition to direct social costs and benefits when ranking monetary architectures. … the costs and benefits we consider point to an important role of central bank digital currency in an optimal monetary architecture unless pass-through funding is necessary to stabilise capital investment and very costly. … the interest rate on CBDC should differ from zero and from the rate on reserves. From...

Conference jointly organized by Bocconi’s Algorand FinTech Lab and CEPR’s RPN FinTech & Digital Currencies. Keynotes by Hyun Song Shin and Xavier Vives. Organized by Claudio Tebaldi and Dirk Niepelt. CEPR’s conference website with program. Bocconi’s website with videos and more.

The “Banking Stability” Expert Group that was formed following the failure of Credit Suisse has published its report (in German). I quote and add my own comments in brackets […]. Summary: Die staatlich unterstützte Übernahme der Credit Suisse durch die UBS im März 2023 hat eine gefährliche Situation schnell stabilisiert. Die Schweiz hat damit einen wichtigen Beitrag zur internationalen Finanzstabilität geleistet. Die Credit Suisse war am 19. März 2023 die erste global systemrelevante Bank...