Keyword: monetary policy

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Europe

Central Bank Digital Currency

This week's European Economic Experts Panel statements: The Bank for International Settlements defines a central bank digital currency as follows: ‘In simple terms, a central bank digital currency (CBDC) would be a digital banknote. It could be used by individuals to pay businesses, shops or each other (a 'retail CBDC'), or between financial institutions to settle trades in financial markets (a ‘wholesale CBDC').’ A) For developed countries, a central bank digital currency that is available to the public at large would offer social benefits that exceed the associated costs or risks. B) Central banks that do not introduce their own digital money risk losing the ability to conduct effective monetary policy. C) The introduction of a central bank digital currency is unlikely to have major effects on the economy.
US

Central Bank Digital Currency

This week's US Economic Experts Panel statements: The Bank for International Settlements defines a central bank digital currency as follows: ‘In simple terms, a central bank digital currency (CBDC) would be a digital banknote. It could be used by individuals to pay businesses, shops or each other (a 'retail CBDC'), or between financial institutions to settle trades in financial markets (a ‘wholesale CBDC').’ A) For developed countries, a central bank digital currency that is available to the public at large would offer social benefits that exceed the associated costs or risks. B) Central banks that do not introduce their own digital money risk losing the ability to conduct effective monetary policy. C) The introduction of a central bank digital currency is unlikely to have major effects on the economy.
US

Fed Strategy

This week's US Economic Experts Panel statement: The Fed's revised strategy to focus on employment shortfalls and a more flexible interpretation of the inflation target will make little practical difference to monetary policy outcomes over the next decade.
Europe

German and European Economic Policy

This week’s IGM European Economic Experts Panel statements: A) Germany's current account surplus is undesirable even from a purely German viewpoint: the country would be better off if, for example, it ran a smaller primary surplus, in turn leading to a smaller current account surplus. B) The Eurozone would be in better shape if fiscal policy were more expansionary, which would allow monetary policy to be slightly less so. C) If there is a recession in the Eurozone, it will be essential to have a coordinated fiscal expansion.
Europe

Central Banking and Climate Change

This week’s IGM European Economic Experts Panel statements: A) Under current policies on climate change, the associated physical risks (such as those arising from total seasonal rainfall and sea level changes, and increased frequency, severity, and correlation of extreme weather events) will be at most a very small factor in monetary policy decisions over the next decade. B) The physical risks associated with climate change under current policies are likely to threaten financial stability over the next decade.
US

Central Banking and Climate Change

This week’s IGM Economic Experts Panel statements: A) Under current policies on climate change, the associated physical risks (such as those arising from total seasonal rainfall and sea level changes, and increased frequency, severity, and correlation of extreme weather events) will be at most a very small factor in monetary policy decisions over the next decade. B) The physical risks associated with climate change under current policies are likely to threaten financial stability over the next decade.