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3045 Results

AI Agents for Cash Management in Payment Systems

Staff Working Paper 2025-35 Iñaki Aldasoro, Ajit Desai
Can artificial intelligence (AI) think and act like a cash manager? In this paper we explore how generative AI agents can help manage liquidity, prioritize payments and optimize efficiency in real-time gross settlement systems.

Predetermined Prices and the Persistent Effects of Money on Output

Staff Working Paper 2001-13 Michael Devereux, James Yetman
This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence.
Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy transmission JEL Code(s): E, E3, E30

Labour Reallocation, Relative Prices and Productivity

Staff Working Paper 2010-2 Shutao Cao, Danny Leung
This paper documents the rate at which labour flows between industries and between firms within industries using the most recent data available. It examines the determinants of these flows and their relationship with the productivity growth.
Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, Labour markets, Productivity JEL Code(s): D, D2, D23, E, E3, E32, J, J6

Central Bank Digital Currency and Banking Choices

Staff Working Paper 2024-4 Jiaqi Li, Andrew Usher, Yu Zhu
To what extent does a central bank digital currency (CBDC) compete with bank deposits? To answer this question, we develop and estimate a structural model where each household chooses which financial institution to deposit their digital money with.
Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): E, E5, E50, E58

Dynamic Factor Analysis for Measuring Money

Staff Working Paper 2003-21 Paul Gilbert, Lise Pichette
Technological innovations in the financial industry pose major problems for the measurement of monetary aggregates. The authors describe work on a new measure of money that has a more satisfactory means of identifying and removing the effects of financial innovations.

Exchange Rate Pass-Through and the Inflation Environment in Industrialized Countries: An Empirical Investigation

Staff Working Paper 2004-21 Jeannine Bailliu, Eiji Fujii
This paper investigates the question of whether a transition to a low-inflation environment, induced by a shift in monetary policy, results in a decline in the degree of pass-through of exchange rate movements to consumer prices.
Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Inflation and prices, International topics JEL Code(s): E, E3, E31, E4, E42, F, F3, F31
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