strength of the central bank as a stand-alone entity becomes highly relevant for ascertaining monetary policy credibility. We … monetary liabilities and sometimes foreign reserves. The canonical model of an "independent" central bank assumes that it …Conventional economic policy models focus only on selected elements of the central bank balance sheet, in particular …

, and Italyunder European Monetary Union; for Switzerland under the new monetary regime; and for the United States, the … United Kingdom and Sweden under the Gold Standard: under stable monetary regimes with clearly defined nominal anchors …Under inflation targeting inflation exhibits negative serial correlation in the United Kingdom, and little or no …

arise in the analysis of classic topics such as the desirability of exchange rate targeting and monetary policy cooperation … within the euro zone. We seek to understand how monetary policy choices may interact across borders to help or hinder the …We study how determinacy and learnability of global rational expectations equilibrium may be affected by monetary …

-08. Ganley, J. and Salmon, C. (1997). "The Industrial Impact of Monetary Policy Shocks: Some Stylised Facts", Bank of England …", European Central Bank Working Paper 342. 13 Ehrmann, M. and Fratzscher, M. (2004b). \Taking Stock: Monetary Policy … monetary policy as the main tool used by policymakers in the stabilisation of in ation and output. Concomitantly, commentators …

data provided by the Danish central bank. Denmark is currently pursuing an active intervention policy under the provisions … of the Exchange Rate Mechanism (ERM II) and intervenes on a discretionary basis when considered necessary. Prior … and Vega (2003) and an array of robustness tests. We find that intervention exerts a statistically and economically …

what extent the feared risks have not (or have not yet) materialised. It is shown that some of the alarming risks of the … as well as modern debate on the optimum currency area the outcomes of the first ten years of the European Monetary Union … European Monetary Union that had been predicted in the 1990ies have emerged in the meantime even though they have not yet …

. Introduction Before the launch of the euro, the proponents of European economic and monetary Union (EMU) thought that the single … policy decisions. In most economies and especially in the bigger ones, the introduction of the euro did not result in the … mostly to the European central bank (ECB). Fiscal binding rules would then have been justified. The macroeconomic success of …

wage setting. We construct an indicator of monetary policy uncertainty and test our model with data for the G5 countries … unionized economies. This paper addresses the question of the role of monetary uncertainty from both an empirical and …. The central finding is that monetary policy uncertainty has a negative impact on nominal wage growth in countries where …

This study assesses the impact of the single market program (SMP) and the European monetary union (EMU) on the German … banking sector. As in contrast to manufacturing or agriculture, many industries within the services sector could seal … market program (SMP) and the European monetary union (EMU) on the German banking sector. As in contrast to manufacturing or …

Pact's reconceptualisation, reform of the management of the Euro-zone's monetary policy and EU-level reflation should be … could contribute to an effective policy mix with the ECB's monetary policy. … supranational consequences of a dirigiste approach to macro-economic policy and, on the other hand, a Gaullist reflex to retain …