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Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008

Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...

Persistent link: https://www.econbiz.de/10011606235

The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise

Gardó, Sándor (contributor); Martin, Reiner (contributor) - 2010

The paper first reviews the main drivers of the growth and real convergence process in central, eastern and south-eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The...

Persistent link: https://www.econbiz.de/10011606266

The Stability and Growth Pact - crisis and reform

Schuknecht, Ludger; Moutot, Philippe; Rother, Philipp; … - 2011

The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...

Persistent link: https://www.econbiz.de/10011606281

On the Explosive Nature of Hyper-Inflation Data

Nielsen, Bent - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-21, pp. 1-29

Empirical analyses of Cagan's money demand schedule for hyper-inflation have largely ignored the explosive nature of …-inflation it is shown that a linear analysis of levels of prices and money fails in addressing these issues even when the … explosiveness is taken into account. The explanation is that log real money has random walk behaviour while the growth of log prices …

Persistent link: https://www.econbiz.de/10010295318

The bank lending survey for the euro area

Berg, Jesper; Ferrando, Annalisa; de Bondt, Gabe; … - 2005

This occasional paper explains why the bank lending survey was developed by the ECB and describes its main features. It discusses the importance of credit developments for both the economy and the functioning of monetary policy, and further clarifies why the survey was introduced. Furthermore,...

Persistent link: https://www.econbiz.de/10011606175

The monetary presentation of the euro area balance of payments

Bê Duc, Louis; Mayerlen, Frank; Sola, Pierre - 2008

counterpart of money, as reflected in the balance sheet of the banking sector, and the balance of payments. From a statistical …

Persistent link: https://www.econbiz.de/10011606248

Some aspects of the discrete wavelet analysis of bivariate spectra for business cycle synchronisation

Bruzda, Joanna - In: Economics: The Open-Access, Open-Assessment E-Journal 5 (2011) 2011-16, pp. 1-46

The paper considers some of the issues emerging from the discrete wavelet analysis of popular bivariate spectral quantities such as the coherence and phase spectra and the frequency-dependent time delay. The approach utilised here is based on the maximal overlap discrete Hilbert wavelet...

Persistent link: https://www.econbiz.de/10010306878

Analysing banking sector conditions - how to use macro-prudential indicators

Mörttinen, Leena; Poloni, Paolo; Sandars, Patrick; … - 2005

This paper presents the methodological and statistical framework for macro-prudential analysis of the financial condition of the EU banking sector that has been adopted by the European System of Central Banks (ESCB). The framework is also a central component of broader financial stability...

Persistent link: https://www.econbiz.de/10011606178

The working of the eurosystem - monetary policy preparations and decision-making – selected issues

Moutot, Philippe; Jung, Alexander; Mongelli, Francesco Paolo - 2008

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/10011606231

The benefits of fiscal consolidation in uncharted waters

Rother, Philipp; Schuknecht, Ludger; Stark, Jürgen - 2010

This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous...

Persistent link: https://www.econbiz.de/10011606273