literature is that being transparent about operations and beliefs hinders the central bank in achieving the best outcome. In … other words, a central bank needs flexibility and therefore cannot be fully transparent. Using a forward-looking New …-Keynesian model, we find exactly the opposite. A central bank that is conservative improves output stabilization by being transparent …

supervision. Central bank communication will constitute a central policy tool for that purpose. The paper asks how such … times, but can have a substantially larger effect during periods of financial stress. Moreover, central bank communication …

The establishment of the European Central Bank (ECB) presents a rare opportunity to define the operations of a central … bank with no prior track record. Before the ECB specifies an, as yet undefined, operational target this paper asks what … might be learnt from the recent experience of inflation targeting at the Bank of England. We consider whether there should …

. Using a bidder level dataset of the European Central Bank’s main repo auctions, however, we find evidence that the economic …

We propose a flexible majority rule for central bank councils where the size of the majority depends monotonically on …

default probabilities for both firms and banks, and allow for bank regulation and liquidity injection into the interbank …

also contributed, through the deeply subsidised bank funding it provided through the 3-year LTROs, half of a mechanism to …

interest rate, which respects the intertemporal budget constraint of the consolidated Central Bank and fiscal authority … stock of base money through an irreversible open market purchase by the Central Bank of non-monetary sovereign debt held by … assets by the Central Bank funded through an irreversible or permanent increase in the stock of base money, relaxes the …