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Since the European Central Bank’s (ECB’s) 2003 strategy review, the importance of macro-financial amplification channels for monetary policy has increasingly gained recognition. This paper takes stock of this evolution and discusses the desirability of further incremental enhancements in the...
Persistent link: https://www.econbiz.de/10012650769
The last review of the ECB’s monetary policy strategy in 2003 followed a period of predominantly upside risks to price stability. Experience following the 2008 financial crisis has focused renewed attention on the question of how monetary and fiscal policy should best interact, in particular...
Persistent link: https://www.econbiz.de/10012650770
This paper summarises the work done by Eurosystem staff in the context of the Strategy Review Seminar on Monetary Policy Instruments. More specifically, it focuses on the efficacy, efficiency and potential side effects of the key monetary policy instruments employed by the European Central Bank...
Persistent link: https://www.econbiz.de/10012650793
The consensus back in 2008 – ten years after the introduction of the euro – was that the adoption of a common currency had made a limited impact of around 2% in total on the trade flows of the first wave of euro area countries (Baldwin et al., 2008). Since then, six more countries have...
Persistent link: https://www.econbiz.de/10012650865
The digitalisation workstream report analyses the degree of digital adoption across the euro area and EU countries and … of digital adoption differs across the euro area/EU, implying heterogeneous impacts, with most EU economies currently …. The pandemic has accelerated the use of teleworking: roughly every third job in the euro area/EU is teleworkable, although …
Persistent link: https://www.econbiz.de/10012626753
Asset encumbrance is a central concept in the context of banks’ liquidity crises, as it is associated with their capacity to obtain secured funding. This occasional paper summarises the work carried out by the task force on asset encumbrance, bringing together analyses by the ECB and those...
Persistent link: https://www.econbiz.de/10012617772