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Central Banks, Governments and the European Monetary Unification Process
Lamfalussy, Alexandre - 2013
This paper explores the evolving relationship between central banks and governments in the European monetary unification process. In particular, it focuses on the institution-building phase (setting up of the ECB) and the monetary and macro-economic policy mix within EMU. I attribute the...
Persistent link: https://www.econbiz.de/10012711758
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Central Bank Swaps Then and Now : Swaps and Dollar Liquidity in the 1960s
McCauley, Robert N. - 2020
cooperation had a sustained pre-history from 1962-1998, surviving the transition from fixed to floating exchange rates. Second … order to prevent eurodollar yield spikes. Fourth, this earlier cooperation underscores the Federal Reserve's use of swaps to … eurodollar market, and thus its self interest in central bank cooperation, is unlikely to end even when Libor is replaced as the …
Persistent link: https://www.econbiz.de/10012837527
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Money and Inflation in the Euro Area : A Case for Monetary Indicators?
Gerlach, Stefan; Svensson, Lars E. O. - 2013
This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data spanning 1980-2000. The P model is shown to have considerable empirical support. Thus, the "price gap" or, equivalently, the "real money gap" (the gap between current real...
Persistent link: https://www.econbiz.de/10014061326
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A Comparative Analysis of Developments in Central Bank Balance Sheet Composition
Pattipeilohy, Christiaan - 2016
In this paper we analyse developments in the composition of central bank balance sheets for a large set of central banks in a unified framework. Since 2007, central banks in advanced economies have experienced pronounced changes in balance sheet composition as a consequence of unconventional...
Persistent link: https://www.econbiz.de/10012994818
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Monetary Analysis and the Global Financial Cycle : An Asian Central Bank Perspective
Filardo, Andrew J. - 2014
EM Asia has seen a transformation of its monetary policy environment over the past 2 decades. By far, the most relevant change has been the maturing of its financial systems and the growing relevance of the global financial cycle: financial inclusion has spread, financial markets have deepened...
Persistent link: https://www.econbiz.de/10013047524
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Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Contagion Risk?
Carlson, Mark A. - 2017
As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the interbank system to meet seasonal and other demands, but...
Persistent link: https://www.econbiz.de/10012966886
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Systematic Monetary Policy and the Forward Premium Puzzle
Tambakis, Demosthenes N. - 2014
Is systematic monetary policy a driver of the forward premium puzzle, i.e. the tendency of high interest-rate currencies to appreciate, thus strongly violating Uncovered Interest Parity (UIP)? We address this question by studying a battery of monetary policy rules in a small open economy that is...
Persistent link: https://www.econbiz.de/10013064800
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International Inflation Spillovers Through Input Linkages
Auer, Raphael - 2017
We document that observed international input-output linkages contribute substantially to synchronizing producer price inflation (PPI) across countries. Using a multi-country, industry-level dataset that combines information on PPI and exchange rates with international and domestic input-output...
Persistent link: https://www.econbiz.de/10012959262
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Interpreting TARGET2 Balances
Cecchetti, Stephen G. - 2014
The increase in the TARGET2 balance for the Bundesbank has led to a debate in Germany about the appropriate interpretation and policy response, if any. In this paper we review the evidence for the current account financing interpretation, and find it wanting in explaining the data in 2012. BIS...
Persistent link: https://www.econbiz.de/10013064804
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The Exit from Non-Conventional Monetary Policy : What Challenges?
Turner, Philip - 2014
cooperation with Treasuries without surrendering monetary policy independence. As central banks pragmatically monitor market …
Persistent link: https://www.econbiz.de/10013052167