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Forward guidance : a new challenge for central banks ; [contribution to the Athens Symposium "Banking Union, Monetary Policy and Economic Growth" Athens, 19 June 2014]

Issing, Otmar - 2014

In a contribution prepared for the Athens Symposium on “Banking Union, Monetary Policy and Economic Growth”, Otmar Issing describes forward guidance by central banks as the culmination of the idea of guiding expectations by pure communication. In practice, he argues, forward guidance has...

Persistent link: https://www.econbiz.de/10010366280

Central banks : from overburdening to decline?

Issing, Otmar - 2016

"Institutional Overburdening" to a large extent was a consequence of the "Great Moderation". This term indicates that it was a period in which inflation had come down from rather high levels. Growth and employment were at least satisfying and variability of output had substantially declined. It...

Persistent link: https://www.econbiz.de/10011540869

EZB ; Europäische Zentralbank ; Geldpolitik

Issing, Otmar - 2020

This Policy White Paper assesses several main elements of ECB's upcoming review of its monetary policy strategy, announced in January 2020. Four aspects of the review are discussed in detail: i) ECB's definition of price stability and the arguments for and against inflation targeting; ii) the...

Persistent link: https://www.econbiz.de/10012223712

Challenges for monetary policy

Issing, Otmar - 2013

The financial crisis which started in 2007 has caused a tremendous challenge for monetary policy. The simple concept of inflation targeting has lost its position as state of the art. There is a debate on whether the mandate of a central bank should not be widened. And, indeed, monetary policy...

Persistent link: https://www.econbiz.de/10010225328

What is the Role of the Monetary Base in Monetary Policy Today?

Pösö, Mika; Stracca, Livio - In: Kredit und Kapital 37 (2004) 2, pp. 169-201

Welche Rolle spielt die monetäre Basis in der Geldpolitik von heute? Dieser Beitrag enthält eine selektive und … zeitgerechte Darstellung der Literatur über die möglichen Rollen der monetären Basis in der Geldpolitik. Er unterstreicht, dass … signifikante Rolle bei der Formulierung und Implementierung der Geldpolitik gespielt hat. Insbesondere hat die monetäre Basis nur …

Persistent link: https://www.econbiz.de/10014523819

Monetary policy and balance sheet adjustment

Issing, Otmar - 2014

In the wake of the Global Financial Crisis that started in 2007, policymakers were forced to respond quickly and forcefully to a recession caused not by short-term factors, but rather by an over-accumulation of debt by sovereigns, banks, and households: a so-called "balance sheet recession."...

Persistent link: https://www.econbiz.de/10010362902