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Towards A More Perfect EMU

Wyplosz, Charles - C.E.P.R. Discussion Papers - 1999

unwieldy to deliver a good policy mix and permit adequate accountability. One money is hardly compatible with eleven …

Persistent link: https://www.econbiz.de/10005136547

Central Banks: Powerful, Political and Unaccountable?

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014

become more accountable by increasing the transparency of their lender-of-last-resort and marketmaker-of-last resort …

Persistent link: https://www.econbiz.de/10011084413

Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003

This 2003 Institute for Fiscal Studies Lecture addresses two sets of issues relevant to current and prospective future E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic stability, and some risks associated with operational...

Persistent link: https://www.econbiz.de/10005662197

The Effect of Monetary Unification on Public Debt and its Real Return

Beetsma, Roel; Vermeylen, Koen - C.E.P.R. Discussion Papers - 2002

We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...

Persistent link: https://www.econbiz.de/10005498174

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011213304

The Role of Central Banks in Financial Stability: How has it changed?

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2012

The roles of central banks in the advanced economies have expanded and multiplied since the beginning of the crisis. The conventional monetary policy roles - setting interest rates in the pursuit of macroeconomic stability and acting as lender of last resort and market maker of last resort to...

Persistent link: https://www.econbiz.de/10011083725

The First Year Of The Eurosystem: Inflation Targeting Or Not?

Svensson, Lars E O - C.E.P.R. Discussion Papers - 2000

motivating decisions, simplifying external evaluation and thereby improving transparency and accountability. I also consider …

Persistent link: https://www.econbiz.de/10005124046

Monetary Policy Issues for the Eurosystem

Svensson, Lars E O - C.E.P.R. Discussion Papers - 1999

the goals of the Eurosystem, the role of exchange rate management in the EMU, and the accountability and transparency of … crucial role in ensuring the accountability of the Eurosystem; the minimum transparency needed for effective outside … transparency. Inflation targeting and monetary targeting, in practice, imply similar policy decisions, but monetary targeting …

Persistent link: https://www.econbiz.de/10005114311

Transparency under Flexible Inflation Targeting: Experiences and Challenges

Svensson, Lars E O - C.E.P.R. Discussion Papers - 2009

I report some personal views and reflections on transparency experiences and transparency challenges following my first … transparency in inflation targeting and committee decisions on instrument-rate paths, (3) the management of interest … transparency and flexible inflation targeting that I believe would be desirable. …

Persistent link: https://www.econbiz.de/10005661935

An Independent Central Bank Faced With Elected Governments

Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1999

The literature argues that the benefits of an independent Central Bank accrue at no cost to the real side. In this paper, we argue that the lack of correlation between monetary autonomy and output variability is due to the proactive role of fiscal policy when faced with rigid monetary...

Persistent link: https://www.econbiz.de/10005124130

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