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Central banks and financial crises
Buiter, Willem H. - London School of Economics (LSE) - 2008
of systemically important financial institutions. The performance of the Fed, the ECB and the Bank of England is … crises. As regards ‘putting out fires’ (dealing with the immediate crisis), the Bank of England gets the wooden spoon for its …
Persistent link: https://www.econbiz.de/10010745389
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Reforming securities and derivatives trading in the EU: from EMIR to MiFIR
Ferrarini, Guido; Saguato, Paolo - London School of Economics (LSE) - 2013
The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation and the proposed new Markets in Financial Instruments...
Persistent link: https://www.econbiz.de/10011126127
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Insiders versus outsiders in monetary policymaking
Besley, Timothy; Meads, Neil; Surico, Paolo - London School of Economics (LSE) - 2008
Persistent link: https://www.econbiz.de/10010744911
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Overcoming the zero bound on nominal interest rates with negative interest on currency : Gesell's solution
Buiter, Willem H. - London School of Economics (LSE) - 2003
An economy is in a liquidity trap when monetary policy cannot influence either real or nominal variables of interest. A necessary condition for this is that the short nominal interest rate is constrained by its lower bound, typically zero. The paper considers two small analytical models, one...
Persistent link: https://www.econbiz.de/10010745321
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Monetary policy and welfare in a small open economy
De Paoli, Bianca - London School of Economics (LSE) - 2004
This paper characterizes welfare in a small open economy and derives the corresponding optimal monetary policy rule. It shows that the utility-based loss function for a small open economy is a quadratic expression in domestic inflation, output gap and real exchange rate. In contrast to previous...
Persistent link: https://www.econbiz.de/10010745516
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The importance of the wording of the ECB
Rosa, Carlo; Verga, Giovanni - London School of Economics (LSE) - 2005
This paper analyses the ECB communication, focusing in particular on its transparency dimension. We posit that if the ECB is transparent about its future policy decisions, then we should be able to forecast fairly well its future interest rate setting behaviour. We find that the predicting...
Persistent link: https://www.econbiz.de/10010745720
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The impact of central bank announcements on asset prices in real time: testing the efficiency of the Euribor futures market
Rosa, Carlo; Verga, Giovanni - London School of Economics (LSE) - 2006
This paper examines the effect of European Central Bank communication on the price discovery process in the Euribor …
Persistent link: https://www.econbiz.de/10010745786
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Central bank's two-way communication with the public and inflation dynamics
Aoki, Kosuke; Kimura, Takeshi - London School of Economics (LSE) - 2008
two-way communication between the central bank and the public affects inflation dynamics. When inflation target is … observable and credible to the public, markets provide the bank with information about the aggregate state of the economy, and … hence the bank can stabilize inflation. However, when inflation target is unobservable or less credible, the public updates …
Persistent link: https://www.econbiz.de/10010746305
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Talking less and moving the market more: is this the recipe for monetary policy effectiveness?: evidence from the ECB and the Fed
Rosa, Carlo - London School of Economics (LSE) - 2008
This paper examines and compares the communication strategies of the Federal Reserve and the European Central Bank, and …
Persistent link: https://www.econbiz.de/10010746324
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The timing of monetary policy shocks
Olivei, Giovanni; Tenreyro, Silvana - London School of Economics (LSE) - 2006
A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse responses that differ sharply depending on the timing of the shock: when the monetary policy shock takes place...
Persistent link: https://www.econbiz.de/10010746450