The ECB has ended its net purchases of bonds. As a result, the ECB will no longer dampen volatility in the euro area bond markets to the same extent. This may lead to greater volatility in the Danish mortgage bond market. In recent years, banks have reduced their market-making capacity in the...

This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for...

One of the most important aims of monetary policy of the Bank of Russia is to reduce CPI inflation under simultaneous stabilization of ruble exchange rate to the major world currencies. While such task setting is obviously contradictory and requires usage of additional instrument, it is unclear...