The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did …

The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the … for persistent variation in market perceptions of central bank inflation aversion. The first years of the European Central … Bank (ECB) provide a natural experiment for this model. Tests of the effect of news announcements on the slope of yield …

Monetary Union. The EC Committee of Central Bank Governors has recently produced a Draft Statute of the European System of … Central Banks and of the European Central Bank. The draft Statute mandates the maintenance of price stability as the explicit … large-volume wholesale payments system. Instead, the historically prevalent bank-intermediated financial system will have to …

In spite of the mystique behind a central bank's balance sheet, its resource constraint bounds the dividends it can … multiple equilibria arise if debt repudiation lowers fiscal surpluses, the central bank may help to select one equilibrium. The … central bank's main lever over fundamentals is to raise inflation, but otherwise the balance sheet gives it little leeway …

that the central bank is signaling by its policy may explain the abnormality. It turns out that many informational …

variation in the supply of central bank liabilities. In effect, the announcement effect has displaced the liquidity effect as … bank to lend or absorb reserves in response to differences between the policy interest rate and the corresponding target. A …, but not on the current level per se, then the central bank can alter the market-clearing interest rate with no change in …