The ECB Working Paper Series seeks to disseminate economic research on issues that are relevant to the various tasks and functions of the ECB. The Series invites submissions of research work by ECB staff and visitors. Papers by researchers not affiliated with the ECB may also be considered for...

Este documento demuestra que las políticas de un banco central local pueden atenuar los efectos del ciclo financiero global [Global Financial Cycle (GFC)]. Para su identificación, analizamos la variación del GFC y las intervenciones del Banco Central de Brasil en los mercados derivados de...

We study the impact of outright (i.e., permanent) Open Market Operations (POMOs) by the Federal Reserve Bank of New York (FRBNY) on the microstructure of the secondary U.S. Treasury market. POMOs are trades in U.S. Treasury securities aimed at accomplishing the Federal Reserve’s target level...

El gobernador contribuye con su análisis sobre la imparcialidad y la autonomía de las autoridades económicas independientes a la revisión de «las medidas necesarias de refuerzo de la imparcialidad e independencia de autoridades independientes y organismos de regulación» que realiza esta...

Despite the recent trend towards greater transparency of monetary policy, in many respects central bankers still prefer to speak with mystique. This paper shows that the resulting perception of ambiguity could be desirable. Under the plausible assumption that there is imperfect common knowledge...

Transparency and openness of the monetary policymaking process at the Bank of England has provided very detailed information on both the decisions of individual members of the Monetary Policy Committee and the information on which they are based. We consider this decision making process in the...

Although higher commodity prices are commonly thought to presage higher rates of inflation, the existing literature suggests that the predictive power of commodity prices for inflation has waned since the 1980s. In the first chapter, I show that this result can be overturned using...

This dissertation consists of three largely independent essays. The first finds a significant correlation between the price of crude oil and significant terrorist attacks by groups of Middle Eastern origin against Western nations. In particular, such terrorist attacks are considerably more...

At our first meeting, ten years ago, we offered a medium-term strategy for ending inflation and restoring productive growth to its long-term average. The rate of inflation for the previous three years was, then, about 5 1/2%. The average rate of money growth -- currency and checkable deposits --...

There are no good monetary policy options. Since policymakers must choose between alternative policies with undesirable consequences, there is no reason to assume that a single option will be selected and adhered to. Rather, policies will continue to alternate between "spurts" of monetary growth...