Narrow search
Showing 1 - 10 of 195
Cover Image
optimal monetary Policy in a new keynesian model with habits in consumption
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10005866485
Cover Image
Background studies for the ECB's evaluation of its monetary policy strategy
Issing, Otmar (contributor) - European Central Bank - 2003
Persistent link: https://www.econbiz.de/10004820102
Cover Image
The role of money : money and monetary policy in the twenty-first century
Beyer, Andreas (contributor) - 2008
Persistent link: https://www.econbiz.de/10004924307
Cover Image
Labour market reform and the sustainability of exchange rate pegs
Castrén, Olli; Takalo, Tuomas; Wood, Geoffrey - European Central Bank - 2004
It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an “escape clause” model of currency crises. We show that the absence of structural...
Persistent link: https://www.econbiz.de/10005162873
Cover Image
The sustainability of China's exchange rate policy and capital account liberalisation.
Cappiello, Lorenzo; Ferrucci, Gianluigi - European Central Bank - 2008
This paper deals with two related issues: the sustainability of China’s exchange rate regime and the opening up of its capital account. The exchange rate discussion deliberately passes over the issue of the “equilibrium” value of the renminbi and its alleged undervaluation – typically at...
Persistent link: https://www.econbiz.de/10005222252
Cover Image
Price effects of sovereign debt auctions in the Euro-zone: the role of the crisis
Beetsma, Roel; Giuliodori, Massimo; de Jong, Frank; … - European Central Bank - 2013
Exploring the period since the inception of the euro, we show that secondary-market yields on Italian public debt increase in anticipation of auctions of new issues and decrease after the auction, while no or a smaller such effect is present for German public debt. However, these yield movements...
Persistent link: https://www.econbiz.de/10010709527
Cover Image
The Italian block of the ESCB multi-country model
Angelini, Elena; D’Agostino, Antonello; McAdam, Peter - European Central Bank - 2006
This paper documents the structure, estimation and simulation properties of the Italian block of the ESCB-multi-country model (MCM). The model is used regularly as an input into Eurosystem projection exercises and, to a lesser extent, in simulation analysis. The specification of the Italian...
Persistent link: https://www.econbiz.de/10005530934
Cover Image
Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro
Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2009
’s prosperity. The paper focuses on olitical events in Italy over the past 35 years and asks whether the adoption of the euro in … 1999 has helped insulate Italy’s financial markets from the adverse consequences of its traditionally unstable political … system. We find that important political events have exerted a statistically and economically significant effect on Italy …
Persistent link: https://www.econbiz.de/10005002792