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Überschreitet die EZB mit ihren Staatsanleihekäufen ihr Mandat?
Matthes, Jürgen; Demary, Markus - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013) 9, pp. 607-615
Die Staatsanleihekäufe der EZB sind zu einem Fall für das Bundesverfassungsgericht geworden. Die Autoren des IW Köln argumentieren, dass das Outright-Monetary-Transactions-Programm noch innerhalb der Grenzen des EZB-Mandats liegt, aber wegen seiner Nachteile nur temporär eingesetzt werden...
Persistent link: https://www.econbiz.de/10010190547
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Fiscal Histories
Cochrane, John H. - National Bureau of Economic Research - 2022
The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long … pegs, the ends of hyperinflations, currency crashes, and the success of inflation targets. Going forward, fiscal theory …
Persistent link: https://www.econbiz.de/10013361983
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Policy Pre-Commitment and Institutional Design: A Synthetic Indicator Applied to Currency Boards
Gilson, Marie-Thérèse Camilleri - Economics Department, Organisation de Coopération et … - 2002
flexibility in the real economy. Along these lines, this paper describes as precisely as possible what constitutes, in theory, a …
Persistent link: https://www.econbiz.de/10005045978
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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011084413
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Central bank collateral frameworks
Nyborg, Kjell G. - 2015
This paper seeks to inform about a feature of monetary policy that is largely overlooked, yet occupies a central role in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood by the observation that the money at the core of these...
Persistent link: https://www.econbiz.de/10011296085
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Chapter 17. The Interaction Between Monetary and Fiscal Policy
Canzoneri, Matthew; Cumby, Robert; Diba, Behzad - In: Handbook of monetary economics : volume 3, (pp. 935-999). 2010
Our chapter reviews positive and normative issues in the interaction between monetary and fiscal policy, with an emphasis on how views on policy coordination have changed over the last 25 five years. On the positive side, noncooperative games between a government and its central bank have given...
Persistent link: https://www.econbiz.de/10014025625
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Chapter 23. The Performance of Alternative Monetary Regimes
Ball, Laurence - In: Handbook of monetary economics : volume 3, (pp. 1303-1343). 2010
This paper compares the performance of economies with different monetary regimes during the last quarter century. The conclusions include: (1) There is little evidence that inflation targeting affects performance in advanced economies, but some evidence of benefits in emerging economies; (2)...
Persistent link: https://www.econbiz.de/10014025619
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Fiscal Consequences of Central Bank Losses
Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024
In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...
Persistent link: https://www.econbiz.de/10014544756
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Tracking the Euro
Koen, Vincent; Boone, Laurence; de Serres, Alain; … - 2001
During the first two years of monetary union, the euro's weakness surprised most market participants. Explanations proliferated ranging from fundamentals such as differences in growth prospects to psychological factors such as herd behaviour, but no single story fully accounts for the observed...
Persistent link: https://www.econbiz.de/10012446955
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Geldpolitik aus Sicht der Bundesbank : auf dem Weg zu einem neuen Paradigma?
Winkler, Adalbert - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013) 12, pp. 818-823
die Sicht der Bundesbank zum derzeitigen Kurs der Geldpolitik zu erläutern. In seinen Stellungnahmen rechtfertigt er … grundsätzlich den derzeit expansiven Kurs der Geldpolitik. Gleichzeitig deutet er aber an, dass Kernelemente des bisher gültigen …
Persistent link: https://www.econbiz.de/10010228435