Papers & Opinions

Central banking | Electoral politics | Political institutions

Ideology and Monetary Policy

Paper

Posted on 25 May 2022

By Nicolo Fraccaroli

We investigate the link between ideology and the sentiments of parliamentarians when they speak to the central bank they hold accountable. To this end, we collect textual data on the...
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Central banking | Empirics | Political institutions

Central Banks and Civil War Termination

Paper

Posted on 30 April 2022

By Ana Carolina Garriga

The ability to finance conflict likely affects the odds of sustaining a war and succeeding in it. Recent literature explores rebel group funding, but far less is known about how...
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Banking | Central banking | Theory

Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics

Paper

Posted on 11 August 2021

By Dirk Niepelt

We analyze the introduction of retail central bank digital currency (CBDC) into a two-tiered monetary system. Deposits, reserves, and CBDC differ in terms of operating costs and liquidity. We identify the optimal...
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