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The European Central Bank and why things are the way they are: A historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
aggregate debt loads are rendering monetary- and fiscal policy-impaired governments and segments of society insolvent and …
Persistent link: https://www.econbiz.de/10010286538
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Monetary and macroprudential policy: The multiplier effects of cooperation
Bassi, Federico; Boitani, Andrea - 2021
A BMW model is augmented with a credit market affected by banks' balance sheet and used to assess the dynamic performance of an economy in the face of demand and financial shocks under different assumptions about the interactions between monetary and macroprudential policy. We show that the...
Persistent link: https://www.econbiz.de/10013364505
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An outline of a progressive resolution to the euro-area sovereign debt overhang: How a five-year suspension of the debt burden could overthrow austerity
Sotiropoulos, Dimitris P.; Milios, John; Lapatsioras, Spyros - 2014
The present study puts forward a plan for solving the sovereign debt crisis in the euro area (EA) in line with the … significant part of the outstanding sovereign debt (at market prices) of the countries in the EA and convert it to zero …-coupon bonds. No transfers will take place between individual states; taxpayers in any EA country will not be involved in the debt …
Persistent link: https://www.econbiz.de/10010513060
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The euro and its guardian of stability: The fiction and reality of the 10th anniversary blast
Bibow, Jörg - 2009
This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks, pushed off track by reckless policies pursued elsewhere. It argues instead that Europe had not only...
Persistent link: https://www.econbiz.de/10010281711
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The Euro's savior? Assessing the ECB's crisis management performance and potential for crisis resolution
Bibow, Jörg - 2015
vehicle for the central funding of public investment through the issuance of common Euro Treasury debt securities. …
Persistent link: https://www.econbiz.de/10011545305
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From antigrowth bias to quantitative easing: The ECB's belated conversion?
Bibow, Jörg - 2016
This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and institutional deficiencies share responsibility for the euro's...
Persistent link: https://www.econbiz.de/10011784658
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Did the crisis change it all? Evidence from monetary and fiscal policy
Mitreska, Ana; Vojnovic, Maja Kadievska; Georgievska, Ljupka - 2010
position (the current account balance and the level of external indebtedness), as well as the fiscal space (public debt) - is … the constraining role of the high level of public debt to the fiscal policy reaction. …
Persistent link: https://www.econbiz.de/10011785345
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Delegation, time inconsistency and sustainable equilibrium
Basso, Henrique S. - 2008
This paper analyzes the effectiveness of delegation in solving the time inconsistency problem of monetary policy using a microfounded general equilibrium model where delegation and reappointment are explicitly included into the government's strategy. The method of Chari and Kehoe (1990) is...
Persistent link: https://www.econbiz.de/10010321435
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Managing Uncertainty Through Robust-Satisficing Monetary Policy
Akram, Q. Farooq; Ben-Haim, Yakov; Eitrheim, Øyvind - 2006
We employ information-gap decision theory to derive a robust monetary policy response to Knightian parameter uncertainty. This approach provides a quantitative answer to the question: For a specified policy, how much can our models and data err or vary, without rendering the outcome of that...
Persistent link: https://www.econbiz.de/10012143662
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On the Interplay Between Monetary Policy and Macroprudential Policy: A Simple Analytical Framework
Røisland, Øistein - 2017
The paper provides a simple analytical framework for analyzing the interplay between monetary policy and macroprudential policy. Three questions are analyzed: (i) Under which assumptions is coordination necessary to implement an optimal policy mix? (ii) Are the two policy instruments substitutes...
Persistent link: https://www.econbiz.de/10012143917