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Persistent link: https://www.econbiz.de/10001802066
Monetary policy rules have been considered as fundamental protection against inflation. However, empirical evidence for a correlation between rules and inflation is relatively weak. In this paper, we first discuss likely causes for this weak link and present the argument that monetary commitment...
Persistent link: https://www.econbiz.de/10009569729
The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants … find that the ECB is indeed often influenced by the Fed, but the reverse is true at least as often if one considers longer … asymmetric leader-follower relationship between the ECB and the Fed. Only after September 2001 is there more evidence of such an …
Persistent link: https://www.econbiz.de/10002658281
Persistent link: https://www.econbiz.de/10008759381
independence ; insolvency risk ; Securities Markets Programme ; transparency … they are quite right. The ECB has indeed become more dependent in political and financial terms. The ECB has decided to … overall money supply unaffected. This is to counter accusations that the ECB is monetizing government debt. This note …
Persistent link: https://www.econbiz.de/10008933298
; central bank independence ; insolvency risk ; Securities Markets Programme ; transparency … they are quite right. The ECB has indeed become more dependent in political and financial terms. The ECB has decided to … overall money supply unaffected. This is to counter accusations that the ECB is monetizing government debt. This note …
Persistent link: https://www.econbiz.de/10009261344
the ECB in the context of its price stability mandate. Because of nonnegligible moral hazard issues, the paper is … sceptical about a stronger involvement of the ECB in the (indirect) financing of SMEs through the securitisation of banks …
Persistent link: https://www.econbiz.de/10009779172
Persistent link: https://www.econbiz.de/10010407811
the ECB in the context of its price stability mandate. Because of non-negligible moral hazard issues, the paper is … sceptical about a stronger involvement of the ECB in the (indirect) financing of SMEs through the securitisation of banks …
Persistent link: https://www.econbiz.de/10010255130
Persistent link: https://www.econbiz.de/10009412966