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How much fiscal backing must the ECB have? The euro area is not (yet) the Philippines
Belke, Ansgar; Polleit, Thorsten - In: Economie Internationale (2010) 124
This paper gives a detailed explanation of why a central bank without fiscal backing can lose control of inflation. Moreover, it argues that such danger emerged only recently for the ECB due to its increasing quasi-fiscal activities. Finally we argue that it might not generally be a good idea to...
Persistent link: https://www.econbiz.de/10010827744
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Towards A More Perfect EMU
Wyplosz, Charles - C.E.P.R. Discussion Papers - 1999
unwieldy to deliver a good policy mix and permit adequate accountability. One money is hardly compatible with eleven …
Persistent link: https://www.econbiz.de/10005136547
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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem - Volkswirtschaftliche Fakultät, … - 2014
addition, central banks must become more accountable by increasing the transparency of their lender ‐ of ‐ last ‐ resort and …
Persistent link: https://www.econbiz.de/10011114270
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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
become more accountable by increasing the transparency of their lender-of-last-resort and marketmaker-of-last resort …
Persistent link: https://www.econbiz.de/10011084413
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The Bank of Russia at the Crossroads: Does the Monetary Policy Needs Easing
Goryunov, Eugene; Trunin, Pavel - Gaidar Institute for Economic Policy - 2013
This study develops the approach of corruption measurement based on the income-expenditure comparison. Using micro-level data on reported household earnings, expenditures and assets provided by Russian Longitudinal Monitoring Survey for the period 2000-2009 we find that households with workers...
Persistent link: https://www.econbiz.de/10010660242
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Central Bank Independence and Transparency: Evolution and Effectiveness
Crowe, Christopher; Meade, Ellen E. - 2007
over time. Over the past two decades, the pace of reforms in terms of institutional independence and transparency has been … particularly brisk. This paper examines the current level of central bank independence (CBI) and transparency in a broad sample of … markedly since the 1980s, particularly for emerging market and developing countries, while the rise in transparency since the …
Persistent link: https://www.econbiz.de/10005673436
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Post-bailout Ireland as the Poster Child for Austerity
Kinsella, Stephen - In: CESifo Forum 15 (2014) 2, pp. 20-25
Persistent link: https://www.econbiz.de/10010877545
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Financial stability, monetary autonomy and fiscal interference: Bulgaria in search of its way, 1879-1913
Dimitrova, Kalina; Fantacci, Luca - Narodna Banka Srbije - 2009
The Bulgarian monetary system was established, immediately after it gained independence, at a time in which the very meaning of money was being redefined at an international level, with the diffusion of the gold standard. Within this framework, the possibility of attaining monetary stability in...
Persistent link: https://www.econbiz.de/10010611781
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The Optimal Quantity of Money Consistent with Positive Nominal Interest Rates
Harashima, Taiji - Volkswirtschaftliche Fakultät, … - 2007
The Friedman rule is strongly immune to most model modifications although it has not actually been observed. The Friedman rule implicitly assumes that a government is perfectly under the control of the representative household. This paper shows that, if a government is not perfectly under the...
Persistent link: https://www.econbiz.de/10005790055
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Alternatives to Renew Monetary Policy and the Stability and Growth Pact in the Euro Area
Kertész, Krisztián - In: Public Finance Quarterly 59 (2014) 3, pp. 367-383
Due to radical fiscal adjustments and the overdue monetary easing, the lag of the European economy behind the United States has grown by more than 7 per cent in the past five years, although the source of the crisis was not the EU but the US. The efficient method of crisis management would be if...
Persistent link: https://www.econbiz.de/10010938999