. First, since the European Central Bank can not repress distributiveinflationary pressures without having non …

Central Bank (ECB) is to preserve price stability for the euro area as a whole, and the ECB pays most of its attention to … based on aggregate magnitudes, and we search for solutions, namely an “optimal” contract for a common central bank. We show … in particular that it is not necessarily a good thing that a common central bank worries about inflation divergences …

than twice larger -up to 7- with heterogeneity. The parameter is central to calibrated models in most of international …

central banks' monetary policy must be credible if the authorities want to curb inflation. A second view is that central banks …

financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic …