Central Banks in Uncharted Waters: Navigating a World with Large Reserves
未知领域的中央银行:在拥有大量储备的世界中航行
基本信息
- 批准号:2018177
- 负责人:
- 金额:$ 42.4万
- 依托单位:
- 依托单位国家:美国
- 项目类别:Standard Grant
- 财政年份:2020
- 资助国家:美国
- 起止时间:2020-08-01 至 2023-07-31
- 项目状态:已结题
- 来源:
- 关键词:
项目摘要
AbstractDuring the last decade many central banks, including the US Federal Reserves and the European Central Bank (ECB), have grown tremendously to become much more important players in financial markets. Furthermore, advances in information technology have led to proposals of an even larger footprint through Central Bank Digital Currencies as well as looming competition from private monies. As a byproduct of these developments, central banks have dramatically increased their short-term liabilities and are considering further increases to sustain a massive increase in liquidity provision. This project explores the role of the recent transformation of central banks for the conduct of monetary policy, and the implications of digital currencies on the efficiency of the payment system.This project develops a new framework to analyze monetary policy. The existing framework on monetary policy views the Federal Reserve as directly setting the nominal short-term interest rate at which households save and firms finance their investments. This view does not explain recent empirical evidence in the bond pricing literature which has documented a convenience yield on short bonds. This convenience yield is not only quantitatively large on average, it also varies over the business cycle. The model does not explicitly describe the behavior of banks, which are thought of as a veil. The framework developed in this project considers the role of financial intermediaries on monetary policy and takes into consideration the quantity of reserves in addition to a Taylor-type interest-rate rule. Finally, the project considers implications of central bank digital currency on monetary policy and the payment system.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.
摘要 在过去十年中,包括美联储和欧洲中央银行(ECB)在内的许多中央银行都取得了巨大的发展,成为金融市场中更加重要的参与者。此外,信息技术的进步引发了通过中央银行数字货币扩大足迹的提议,以及来自私人货币的迫在眉睫的竞争。作为这些发展的副产品,各国央行大幅增加了短期负债,并正在考虑进一步增加短期负债,以维持流动性供应的大幅增加。该项目探讨了中央银行最近的转型在货币政策实施中的作用,以及数字货币对支付系统效率的影响。该项目开发了一个新的框架来分析货币政策。现有的货币政策框架认为,美联储直接设定家庭储蓄和企业投资融资的名义短期利率。这种观点并不能解释债券定价文献中最近的经验证据,该文献记录了短期债券的便利收益率。这种便利收益不仅在平均数量上很大,而且随着商业周期的变化而变化。该模型没有明确描述银行的行为,银行被认为是一层面纱。该项目开发的框架考虑了金融中介机构在货币政策中的作用,并除了泰勒式利率规则之外还考虑了准备金数量。最后,该项目考虑了央行数字货币对货币政策和支付系统的影响。该奖项反映了 NSF 的法定使命,并通过使用基金会的智力价值和更广泛的影响审查标准进行评估,被认为值得支持。
项目成果
期刊论文数量(0)
专著数量(0)
科研奖励数量(0)
会议论文数量(0)
专利数量(0)
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Monika Piazzesi其他文献
Money and banking in a New Keynesian model*
新凯恩斯主义模型中的货币和银行业*
- DOI:
- 发表时间:
2019 - 期刊:
- 影响因子:0
- 作者:
Monika Piazzesi;Ciaran Rogers;Martin Schneider - 通讯作者:
Martin Schneider
Bond Yields and the Federal Reserve
- DOI:
10.1086/427466 - 发表时间:
2005-03 - 期刊:
- 影响因子:8.2
- 作者:
Monika Piazzesi - 通讯作者:
Monika Piazzesi
Bond Positions, Expectations, and the Yield Curve
债券头寸、预期和收益率曲线
- DOI:
10.2139/ssrn.2482363 - 发表时间:
2008 - 期刊:
- 影响因子:0
- 作者:
Monika Piazzesi;Martin Schneider - 通讯作者:
Martin Schneider
Housing Market Expectations
房地产市场预期
- DOI:
- 发表时间:
2022 - 期刊:
- 影响因子:0
- 作者:
Theresa Kuchler;Monika Piazzesi;J. Stroebel - 通讯作者:
J. Stroebel
Monika Piazzesi的其他文献
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{{ truncateString('Monika Piazzesi', 18)}}的其他基金
Financial Intermediaries in a Modern Economy: Risk Taking and Liquidity Provision
现代经济中的金融中介:风险承担和流动性供给
- 批准号:
1559446 - 财政年份:2016
- 资助金额:
$ 42.4万 - 项目类别:
Standard Grant
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