The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did … price stability. Other factors that account for the different economic outcomes in the Euro Area and US include differences …

effects of the monetary policies of the US Federal Reserve, the European Central Bank and of the People's Bank of China on the …

whether the central bank chooses to buy domestic or foreign assets, thus resulting in transfers either within or between … compensates for losses (the structure of indemnification agreements). Data from the Federal Reserve, the Eurosystem, and the Bank … of England show that maximum annual losses are between 0.3 and 1.5 percent of GDP. By contrast, the Swiss National Bank …

Euro Area countries. For comparison we also estimate the fiscal consequences of the Federal Reserve and the Bank of England …The European Central Bank is unique in setting monetary policy for several sovereign states with heterogeneous debt … levels and different maturity structures. The monetary-fiscal nexus is central to the functioning of the euro area. We focus …

expectations. In our model, the key parameter that aggregates heterogeneous expectations captures the central bank's credibility … and affects the overall effectiveness of forward guidance. We find that the central banks of the U.S., the U.K., Germany …'s central bank credibility is much lower. For each country, our measure of credibility has declined over time, making forward …