E58 - Central Banks and Their Policies

• Eggs in One Basket: Security and Convenience of Digital Currencies

  Staff Working Paper 2021-6 Charles M. Kahn, Francisco Rivadeneyra, Tsz-Nga Wong

  Digital currencies store balances in anonymous electronic addresses. This paper analyzes the trade-offs between the safety and convenience of aggregating balances in addresses, electronic wallets and banks.

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Digital currencies and fintech, Financial services, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E51, E58

• (Optimal) Monetary Policy with and without Debt

  Staff Working Paper 2021-5 Boris Chafwehé, Rigas Oikonomou, Romanos Priftis, Lukas Vogel

  How should policy be designed at high debt levels, when fiscal authorities have little room to adjust taxes? Assigning the monetary authority a role in achieving debt sustainability makes it less effective in stabilizing inflation and output.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Fiscal policy, Monetary policy, Monetary policy framework JEL Code(s): C, C1, C11, E, E3, E31, E5, E52, E58, E6, E62

• Chinese Monetary Policy and Text Analytics: Connecting Words and Deeds

  Staff Working Paper 2021-3 Jeannine Bailliu, Xinfen Han, Barbara Sadaba, Mark Kruger

  What are the main drivers behind the monetary policy reaction function of the People’s Bank of China?

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics, Monetary policy communications, Monetary policy framework JEL Code(s): C, C6, C63, E, E5, E52, E58