Showing 1 - 10 of 10
Climate change has profound effects not only for societies and economies, but also for central banks’ ability to deliver price stability in the future. This paper starts by documenting why climate change matters for monetary policy: it impacts the economic variables relevant to setting the...
Persistent link: https://www.econbiz.de/10012672320
The paper provides a systematic comparison of the Eurosystem, the US Federal Reserve and the Bank of Japan. These monetary authorities exhibit somewhat different status and tasks, which reflect different historical conditions and national characteristics. However, widespread changes in central...
Persistent link: https://www.econbiz.de/10003456409
Persistent link: https://www.econbiz.de/10009765141
The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the...
Persistent link: https://www.econbiz.de/10002749782
short and long runs. Our main finding is the positive and robust role of EU institutional integration on long-term growth …
Persistent link: https://www.econbiz.de/10012625874
decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national rates …
Persistent link: https://www.econbiz.de/10009781604
The prolonged crisis exposed the vulnerability of a monetary union without a banking union. The Single Supervisory Mechanism (SSM), which started operating in November 2014, is an essential step towards restoring banks to health and rebuilding trust in the banking system. The ECB is today...
Persistent link: https://www.econbiz.de/10012132851
The ECB's monetary policy has received considerable attention in recent years. This is less the case, however, for its regular monetary policy preparation and decision-making process. This paper reviews how the factors usually considered as critical for the success of a central banking system...
Persistent link: https://www.econbiz.de/10011641185
Persistent link: https://www.econbiz.de/10011619544
events heralded significant reforms of the EU's governance and financial architecture. On the tail of these two crises, the … sequence of financial reforms has improved the sector's ability to deal with major macro-financial shocks at the EU/euro area … that during the same period major developments within the EU non-bank financial sector were observed. The COVID19 crisis …
Persistent link: https://www.econbiz.de/10013368565