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An analysis of the time-varying behavior of the equilibrium velocity of money in the euro area

Camarero Olivas, Mariam; Sapena, Juan; Tamarit … - In: Recent econometric techniques for macroeconomic and …, (pp. 113-146). 2021

Recent developments in inflation and M3 velocity in the euro area have raised serious doubts about the reliability of M3 growth as a pillar of the ECB's monetary policy strategy. We develop a very flexible and comprehensive state-space framework for modeling the velocity of circulation. Our...

Persistent link: https://www.econbiz.de/10012395397

Monetary transmission in Croatia : a view from the Eurozone's "waiting room"

Benazić, Manuel; Učkar, Dean - In: Macroeconomic responses to the COVID-19 pandemic : …, (pp. 209-232). 2021

currency and is currently in the so-called Eurozone's "waiting room". Usually, before the accession of some EU member state to …

Persistent link: https://www.econbiz.de/10012608995

Modern monetary theory and COVID-19 crisis

Domazet, Tihomir - In: Macroeconomic responses to the COVID-19 pandemic : …, (pp. 291-317). 2021

Modern Monetary Theory (MMT) is part of post-Keynesian economics that summarize the money creation process as "loans create deposits" (banks) and "deposits create reserves" (central bank). MMT is distinguished from other approaches to macroeconomics because it synthesizes several traditions from...

Persistent link: https://www.econbiz.de/10012608999

The gold standard and the Euro : conjoined twins or distant relations?

Eichengreen, Barry - In: Economic globalization and governance : essays in honor …, (pp. 91-105). 2021

I provide a structured comparison of the nineteenth-century classical gold standard and the Euro, basing my analysis heavily on recent research. Both similarities and differences are evident in the historical record. Both regimes were vaunted as engines of convergence, but in both cases...

Persistent link: https://www.econbiz.de/10012310783

A macro-stabilization function for the Euro area

Cavaco Silva, Aníbal A. - In: Economic globalization and governance : essays in honor …, (pp. 111-119). 2021

advantages. While the European Union (EU) technical debate recognizes this desideratum, the same cannot be said for the political … debate across EU Member States. However, history has taught us that EU leaders act decisively when confronted with a crisis …

Persistent link: https://www.econbiz.de/10012310788

On the limits of EU differentiated integration : lessons from the Eurozone crisis and from Brexit

Bongardt, Annette; Torres, Francisco S. - In: Economic globalization and governance : essays in honor …, (pp. 149-163). 2021

(treaty-based) variable geometry or differentiated integration in the core European Union (EU) institutions - especially … have to anchor EU integration. From an EU point of view, it does not make sense to accommodate member states' preferences … objective of ever-closer union. This would mean transforming the EU into a mere intergovernmental organization without a common …

Persistent link: https://www.econbiz.de/10012310812

ECB and FED governors' speeches : a topic modeling analysis (2007-2019)

Carboni, Marika; Farina, Vincenzo; Previati, Daniele A. - In: Banking and beyond : the evolution of financing along …, (pp. 9-25). 2020

In the last years of the twentieth century central banks started strengthening their communication strategy, making it easier to analyze the evolution of central banks' functions and role over time and space. In this chapter we employ a topic modeling approach to investigate the differences in...

Persistent link: https://www.econbiz.de/10012292557

Central banks: gatekeepers of monetary stability and guardians of public interest

Papaioannou, Michael G. - In: Asset management at central banks and monetary …, (pp. 17-39). 2020

This chapter presents the main elements of central banks’ traditional functions as gatekeepers of monetary and broader financial and economic stability and outlines some emerging considerations relating to central banks’ enhanced role as guardians of public interest. With regard to the...

Persistent link: https://www.econbiz.de/10012295245

European Central Bank: the investment decision-making process and its governance

Silvonen, Torsti; Port, Etienne - In: Asset management at central banks and monetary …, (pp. 189-207). 2020

This chapter describes the foreign reserve management framework of the European Central Bank (ECB) and the related decision-making process. The ECB's decentralized foreign reserve management system is unique among central banks around the world, as it involves all of the national central banks...

Persistent link: https://www.econbiz.de/10012295446

Inflation: failures of inflation targeting : a European perspective

Springler, Elisabeth - In: Frontiers of heterodox macroeconomics, (pp. 173-221). 2019

Monetary policy became the major tool of economic policy to counteract the financial crisis of 2008/2009. The underlying macroeconomic consensus is that inflation rates of 2% are consistent with a stable rise of economic growth. While most central banks follow this guideline, which is widely...

Persistent link: https://www.econbiz.de/10012195547