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Pushing the limits: The European Central Bank's role in restoring sustainable growth
Bibow, Jörg - 2020
The European Central Bank (ECB) is a special, even unique central bank. It is a central bank without a treasury by its … central bank in the euro area. Rather, the ECB is designed as the headquarters (or perhaps 'cockpit') of the Eurosystem, the …'s presidency, exploring the options available for adding further monetary policy stimulus going forward. As the euro's central bank …
Persistent link: https://www.econbiz.de/10014565903
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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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The tragedy of the commons and inflation bias in the euro area
Dinger, Valeriya; Steinkamp, Sven; Westermann, Frank - 2012
Central bank credit has expanded dramatically since the beginning of 2007 in some of the euro area member countries … an independent monetary policy. We find that inflation was the main determinant of central bank credit prior to 2007 …
Persistent link: https://www.econbiz.de/10010343285
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The Rise and Fall of U.S. Inflation Persistence
Beechey, Meredith; Österholm, Pär - 2007
implications about the evolution of the Federal Reserve's monetary-policy preferences. Standard models of central bank optimization … predict that the central bank's preference for output stability is a determinant of inflation persistence. Hence, time …
Persistent link: https://www.econbiz.de/10010321537
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Does Money Growth Granger-Cause Inflation in the Euro Area? Evidence from Out-of-Sample Forecasts Using Bayesian VARs
Berger, Helge; Österholm, Pär - 2007
We use a mean-adjusted Bayesian VAR model as an out-of-sample forecasting tool to test whether money growth Granger-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly strong evidence that including money...
Persistent link: https://www.econbiz.de/10010321554
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Did the Fed and ECB react asymmetrically with respect to asset market developments?
Hoffmann, Andreas - 2012
This paper studies the monetary policy of the Federal Reserve (Fed) and the Bundesbank / European Central Bank (ECB …
Persistent link: https://www.econbiz.de/10010308139
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International Debt Deleveraging
Fornaro, Luca - 2013
I provide a framework for understanding debt deleveraging in a group of _nancially integrated countries. During an episode of international deleveraging world consumption demand is depressed and the world interest rate is low, reecting a high propensity to save. If exchange rates are allowed to...
Persistent link: https://www.econbiz.de/10013370099
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Die Deutsche Wiedervereinigung und die europäische Schuldenkrise im Lichte der Theorie optimaler Währungsräume
Schnabl, Gunther; Zemanek, Holger - 2011
Der Beitrag analysiert die inner-europäischen Leistungsbilanzungleichgewichte auf der Grundlage der Theorie der optimalen Währungsräume. Wir zeigen, dass die deutsche Wiedervereinigung nicht nur zur EWS-Krise 1992/93 führte, sondern auch der Ursprung der derzeitigen europäischen...
Persistent link: https://www.econbiz.de/10010305581
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The euro and the global crises: Finding the balance between short term stabilization and forward looking reforms
Aizenman, Joshua - 2012
This paper analyzes reforms and adjustments in the context of the Euro and the global financial crises. Taking the perspective of the evolutionary approach to institutions, the formation of a new currency area is not unidirectional. The process leading to the euro is an example of a common...
Persistent link: https://www.econbiz.de/10010288121
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Gresham on Horseback: The Monetary Roots of Spanish American Political Fragmentation in the Nineteenth Century
Irigoin, Maria Alejandra - College of New Jersey <Princeton, NJ> - 2006
The economics literature is full of studies of monetary or currency unions ranging from the sterling area before 1914, to the Bretton Woods system later and the euro zone within the European Monetary Union today. A quick search in Econ-Lit returned over 10,000 entries among abstracts and...
Persistent link: https://www.econbiz.de/10005870564