Existing scholarship has not systematically examined BRICS (Brazil-Russia-India-China-
South Africa) as a rising power de-dollarization coalition, despite the group developing …

Using a simple, general equilibrium model, we argue that it would be appropriate for a
central bank with a large balance sheet composed of long-duration nominal assets to have …

Since 2008, the central banks of advanced countries have borrowed trillions of dollars from
their commercial banks in the form of interest-paying reserves and invested the proceeds in …

This paper draws lessons on the central bank underpinnings of money from the rise and fall
of the Bank of Amsterdam (1609–1820). The Bank started out as a “stablecoin”: it issued …

Although central banking is today often presented as having emerged in the nineteenth or
even twentieth century, it has a long and colourful history before 1800, from which important …

We analyze the effects on inflation and output of unconventional open-market operations
due to the possible income losses on the central bank's balance sheet. We first state a …

Central banks can operate with negative equity, and many have done so in history without
undermining trust in fiat money. However, there are limits. How negative can central bank …

The rise of new forms of private money is reviving a long-standing debate on the appropriate
balance between private and public interests in money and payments. The main aim of this …

Abstract The Bank Restriction Act of 1797 was the unconventional monetary policy of its
time. It suspended the convertibility of the Bank of England's notes into gold, a policy that …

Abstract “Central banking” is what a central bank does, but the definition of “central bank” is
less straightforward than it may appear at first sight. Following Ugolini (The evolution of …