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Estimating the European Central Bank's "extended period of time"

Bletzinger, Tilman; Wieland, Volker - 2013

On July 4, 2013 the ECB Governing Council provided more specific forward guidance than in the past by stating that it expects ECB interest rates to remain at present or lower levels for an extended period of time. As explained by ECB President Mario Draghi this expectation is based on the...

Persistent link: https://www.econbiz.de/10010400889

The single supervisory mechanism : panacea or quack banking regulation? ; preliminary assessment of the evolving regime for the prudential supervision of banks with ECB involvement

Tröger, Tobias - 2013

other EU Member States. Joining the SSM as a non-euro area Member State is unattractive because the current legal framework …

Persistent link: https://www.econbiz.de/10010400890

The European Central Bank's outright monetary transactions and the Federal Constitutional Court of Germany

Siekmann, Helmut; Wieland, Volker - 2013

This note reviews the legal issues and concerns that are likely to play an important role in the ongoing deliberations of the Federal Constitutional Court of Germany concerning the legality of ECB government bond purchases such as those conducted in the context of its earlier Securities Market...

Persistent link: https://www.econbiz.de/10010400895

Are rules and boundaries sufficient to limit harmful central bank discretion? : lessons from Europe

Orphanides, Athanasios - 2014

Marvin Goodfriend's (2014) insightful, informative and provocative work explains concisely and convincingly why the Fed needs rules and boundaries. This paper reviews the broader institutional design problem regarding the effectiveness of the central bank in practice and confirms the need for...

Persistent link: https://www.econbiz.de/10010417257

The legality of outright monetary transactions (OMT) of the European system of central banks

Siekmann, Helmut - 2015

of acts of an organ of the EU in principle is not the task of the GFCC. As justification for this procedure the court … preliminary rulings on several questions of EU law. In substance, the German court assessed OMT as an act of economic policy which … is not covered by the competences of the ECB. Furthermore, it judged OMT as a - by EU primary law - prohibited monetary …

Persistent link: https://www.econbiz.de/10010508472

The legal framework for the European system of central banks

Siekmann, Helmut - 2015

The Treaty of Maastricht imposed the strict obligation on the European Union (EU) to establish an economic and monetary … integral part of the EU. The single currency was to become the currency of the EU and to be the legal tender in all Member … States unless an exemption was explicitly granted in the primary law of the EU, as in the case of the UK and Denmark. The …

Persistent link: https://www.econbiz.de/10010508478

What Do Central Bankers Do? Evidence from the European Central Banks' Executive Board

Badinger, Harald - 2019

This paper examines how managers at the top of a public institution, central bank executives, allocate their working time. Using detailed information from personal diaries of the six members of the European Central Bank’s Executive Board over a period of two years, we codify and analyze more...

Persistent link: https://www.econbiz.de/10012892122

Central Bank Policies and Financial Markets : Lessons from the Euro Crisis

Mody, Ashoka - 2019

The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we identify financial markets’ response to the...

Persistent link: https://www.econbiz.de/10012892183

The Importance of Being Vigilant : Has ECB Communication Influenced Euro Area Inflation Expectations?

Jansen, David-Jan; de Haan, Jakob - 2021

Using daily data on inflation-indexed bonds, we find evidence of a negative relationship between ECB communication regarding risks to price stability - measured on the basis of the frequency and strength of the keyword 'vigilance' - and changes in euro area break-even inflation. However, this...

Persistent link: https://www.econbiz.de/10013316794

The ECB's Policy, the Recovery Fund and the Importance of Trust : The Case of Greece

Dimakopoulou, Vasiliki; Economides, George; … - 2021

efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock …

Persistent link: https://www.econbiz.de/10013323086