circulante a través de las intervenciones del Banco Central en el mercado cambiario. La inflación impacta al mismo tiempo en …

zero. The paper shows that declining nominal prices were a rather common phenomenon during this period of low or no … inflation. The declining prices cannot, however, be explained by lack of demand or any generalized deflationary tendencies …. Hence, the downward rigidity of nominal prices has not prevented relative price adjustments under price stability. The paper …

This paper reviews the existing empirical evidence on the short-term impact on prices of fiscal variables and assesses … ECB and five national central banks (NCBs) of the Eurosystem. The outcome is also compared with results from the European … Commission and the OECD models. Overall, a broad consensus appears on the impact on prices of changes in individual government …

Territorial appointees to an independent central bank (e.g. District Federal Reserve Banks’ presidents, Governors of … national central banks at the ECB’s Governing Council) are liable to confront a “role conflict” stemming from a duality of … loyalties and allegiances - to the home regional territory to which they owe the appointment and to the central bank to which …

Current monetary policy involves the manipulation of the Central Bank interest rate (the repo rate), with the specific …