A formal model of the appointment process -- Estimating monetary policy preferences -- Empirically testing the model's predictions -- Appointments to the European Central Bank -- The origins of the Federal Reserve appointment process -- Conclusions

Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary...

The negative interest rate policy (NIRP) has been in place in the euro area since June 2014. While the NIRP can provide additional monetary accommodation in the situation where the neutral rate of interest is most likely negative, there are also unintended consequences for banks’ profitability...

The concept of solidarity -- Solidarity between the member states -- Committing to stability Committing to stability -- Law and economic wisdom -- The shift in solidarity -- Contractual change and Central Bank action -- Reconciling the Contract with the Treaties -- Conclusion : Preserving the...

The book is about money, central banking and constitutions. It explains how the European Central Bank was established to ensure stability and prosperity for the euro area. The ECB was guided and controlled by a coherent European Macroeconomic Constitution. However, this model has failed during...