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This paper argues that, despite the substantial independence offered by the Maastricht Treaty, the ESCB will wish to bind itself by a set of voluntary rules in the conduct of monetary policy. This binding will occur because of the demands of policy itself. The ESCB as such has no history of a...
Persistent link: https://www.econbiz.de/10005190770
This paper investigates the extent to which euro area monetary policy has responded to evolving economic conditions in individual member states as opposed to the euro area as a whole. Based on a forward-looking Taylor rule-type policy reaction function, we conduct counterfactual exercises that...
Persistent link: https://www.econbiz.de/10004979449
role of bank capital, capital regulation and the pricing of bank liabilities. The model is constructed so as to resemble … the situation of the Finnish local banks in the late 1980s and the early 1990s, particularly with regard to capital … regulation which changed subtantially during this period. While equity capital is assumed exogenous, the bank may choose the …
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On 3 July 2015, SUERF organized its sixth joint conference with the Bank of Finland in Helsinki on the subject of liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes, and a lunchtime address. The present SUERF Study...
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