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Inflation Targeting and Output Growth : Empirical Evidence for the European Union

International Monetary Fund - 2005

This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

Persistent link: https://www.econbiz.de/10014400852

Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

International Monetary Fund - 2017

Persistent link: https://www.econbiz.de/10014408258

Following Germany'S Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policyon the Economy

International Monetary Fund - 2005

Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...

Persistent link: https://www.econbiz.de/10014400699

Anticipation and Surprises in Central Bank Interest Rate Policy : The Case of the Bundesbank

International Monetary Fund - 1998

Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is developed to separate the anticipated and unanticipated components of such changes and is...

Persistent link: https://www.econbiz.de/10014400820

Advancing the frontiers of monetary policy

Adrian, Tobias (ed.); Laxton, Douglas (ed.); … - 2018

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including …Part I. The frontiers of monetary policymaking. 1. An overview of inflation-forecast targeting -- Part II. Principles … and practices of inflation-forecast targeting. 2. First principles -- 3. Managing expectations -- 4. Nuts and bolts of a …

Persistent link: https://www.econbiz.de/10011874333

The SDR Interest Rate Basket : Proposed Change of the Representative Interest Rate for the Euro and Amendment to Rule T-1(C)

International Monetary Fund - 2014

The three-month Eurepo interest rate, the euro component of the SDR interest rate basket, will be discontinued as of the end of 2014. The three-month Eurepo rate, administered by the European Money Market Institute (EMMI), has been the representative interest rate instrument of the euro area in...

Persistent link: https://www.econbiz.de/10014410559

Central Banking Legislation : A Collection of Central Bank, Monerary and Bankin Law, Volume II

International Monetary Fund - 2003

This paper discusses the central banking, monetary, and banking laws for 17 countries in Europe, an area where many of the techniques that are now universally used in regulating or controlling the supply of money and credit were developed. The complete text of the basic central bank law of each...

Persistent link: https://www.econbiz.de/10014397640

Economic and Monetary Union in Europe and Constraintson National Budgetary Policies

International Monetary Fund - 1990

This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity...

Persistent link: https://www.econbiz.de/10014396369

Monetary and Exchange Rate Policies of the Euro Area

International Monetary Fund - 2000

The economic conditions in the euro area have brightened. Executive Directors commended the policy stance of the European Central Bank. They noted that the exchange rate developments of the euro failed to strengthen the euro area economy, and stressed the need for fiscal discipline, structural...

Persistent link: https://www.econbiz.de/10014401709

Staff Report on the Monetary and Exchange Rate Policies of the Euro Area : Supplement Updating Information on Recent Economic Developments and Policies in the Euro Area; Supplement...

International Monetary Fund - 2000

For the time being—and possibly for a considerable time to come—developments and prospects for the euro area are quite favorable. This upbeat outlook is underpinned by buoyant activity indicators and a supportive policy mix. High household and business confidence, rising capacity utilization...

Persistent link: https://www.econbiz.de/10014401965

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