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This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper...
Persistent link: https://www.econbiz.de/10012843302
Central bank liquidity lines have gained momentum since the global financial crisis as a crosscurrency liquidity … management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback … effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX …
Persistent link: https://www.econbiz.de/10014354526
for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central …
Persistent link: https://www.econbiz.de/10013110099
Within the New Consensus Macroeconomics, monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number of central banks worldwide. This book raises problems...
Persistent link: https://www.econbiz.de/10012054254
require future primary surpluses. We argue that liquidity services provided by sovereign debt may indeed lead to a “free lunch …
Persistent link: https://www.econbiz.de/10013295141
This paper asks whether the BoJ's recent experience with unconventional monetary easing has been effective in supporting economic activity and inflation. Using a structural VAR model, the paper finds some evidence that BoJ's monetary policy measures during 1998-2010 have had an impact on...
Persistent link: https://www.econbiz.de/10013111414
The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to … analysis (FPAS) for Japan. In the model's baseline scenario, the likelihood of the Bank of Japan reaching its 2 percent …
Persistent link: https://www.econbiz.de/10012858390
The Bank of Japan has used unconventional monetary policies to fight deflation and stabilize the financial system since … the late 1990s. While the Bank of Japan's reflation efforts have evolved over time, inflation and inflation expectations … have remained stubbornly low. This paper examines the evolution of monetary policy in Japan over the past twenty years, in …
Persistent link: https://www.econbiz.de/10013252055
, Greece, Russia, India, China, Japan, Brazil, and South Africa focus on the history, administrative structure, and … -- 5. Germany and the European Central Bank -- 6. Greece -- 7. The Russian Federation -- 8. India -- 9. China -- 10. Japan …
Persistent link: https://www.econbiz.de/10012396941
We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions-changes in short-term policy rates and balance sheet adjustments. This will affect emerging market economies (EMs), especially...
Persistent link: https://www.econbiz.de/10012948530