In this paper, we aim at testing whether press conferences held after the meeting of the ECB's monetary policy council steer market short- and long-term interest rates in the euro zone. To meet this goal, we "codify" the statements according to whether they are neutral, hawkish, or dovish. We...

The paper states that, although Post Keynesian interest rules may be feasible and sustainable in favourable circumstances, there is a shared difficulty as for the setting of long-term interest rates in a context of strong uncertainty and shifting liquidity preference. According to Keynes theory...

The current financial crisis has now led most major central banks to rely covertly or overtly on quantitative easing. The unique Japanese experience of quantitative easing is the only experience which enables us to judge this therapy's effectiveness and the timing of the exit strategy. This...

Building on Giraud & Tsomocos (2009), we develop a model of non equilibrium international trades with incomplete markets. Trades occur in continuous time, both on international and domestic markets. Traders are assumed to exhibit locally rational expectations on future prices, interest rates and...

The two episodes of food price surges in 2007 and 2011 have been particularly challenging for developing and emerging economies' central banks and have raised the question of how monetary authorities should react to such external relative price shocks. We develop a new-keynesian small...

According to some recent empirical papers, periods of low interest rates would favor a risk-taking channel of monetary policy whereby bank risk-appetite and risk-taking behavior would be stronger after. Several theoretical explanations exist to this phenomenon, such as the managerial...

El objeto de la presente ponencia es profundizar en el análisis de la iniciativa monetaria más relevante que el gobierno de San Martín desarrolla durante la guerra de Independencia, El Banco Auxiliar de Papel Moneda. El estudio centra la investigación en el análisis comparativo entre el...

This article analyses the effects of economic transparency on the optimal monetary policy in an economy affected by demand shocks. In an environment of imperfect common knowledge, demand shocks create a trade-off between stabilising the price level and stabilising the output gap. The monetary...

The primary aim of this paper is to explore the effectiveness of Hoarding International Reserves and Sterilization in dollarized and indebted countries such as Turkey and Lebanon, by measuring the sterilization coefficient, and the offset coefficient. It also focuses on exploring the link...

This paper aims at discovering the national influences inside the Governing Council of the ECB for setting interest rates. We use a textual analysis of national newspaper articles related to each European central banker to analyze their expressed preferences. We proceed to a cluster analysis...