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Energy markets and the euro area macroeconomy
2010
impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy …
Persistent link: https://www.econbiz.de/10011606265
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Structural features of distributive trades and their impact on prices in the euro area
2011
The distributive trades sector, which is primarily accounted for by wholesale and retail trade, is not only economically important in its own right, but also relevant to monetary policy. Ultimately, it is retailers who set the actual prices of most consumer goods. They are the main interface...
Persistent link: https://www.econbiz.de/10011606280
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The implications of globalisation for the ECB monetary policy strategy
2021
productivity growth, the natural interest rate (r*), inflation trends and monetary transmission. While trade globalisation … by upward pressures, from the boost to global productivity associated with greater trade integration. Headline inflation …. Meanwhile, core inflation rates show a lower degree of commonality. Globalisation has made a rather modest contribution to the …
Persistent link: https://www.econbiz.de/10012661645
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Low Inflation in the Euro Area : Causes and Consequences
Ciccarelli, Matteo - 2017
After 2012, inflation has been unexpectedly low across much of the developed world and economists speak of a “missing … inflation” puzzle, namely inflation was expected to be higher on the back of an ongoing recovery. This paper investigates the … causes and consequences of low inflation in the euro area after 2012 and analyses whether monetary policy has been successful …
Persistent link: https://www.econbiz.de/10012963903
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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
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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
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The predictability of monetary policy
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
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Monetary policy strategy in a global environment
Moutot, Philippe; Vitale, Giovanni - 2009
conclusion of the paper is that globalisation may have played only a limited role in reducing inflation and output volatility in … inflation targeting and currency peg monetary regimes; and the transformation of financial market microstructure. The paper …
Persistent link: https://www.econbiz.de/10011606258
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The collateral frameworks of the Eurosystem, the Federal Reserve System and the Bank of England and the financial market turmoil
Cheun, Samuel; von Köppen-Mertes, Isabel; Weller, Benedict - 2009
In response to the turmoil in global financial markets which began in the second half of 2007, central banks have changed the way in which they implement monetary policy. This has drawn particular attention to the type of collateral used for backing central banks’ temporary open market...
Persistent link: https://www.econbiz.de/10011606259
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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