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The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right … consequences of wage setting, deviating from a voting scheme based purely on economic size can be beneficial. Preliminary evidence … on unemployment and voting rights in the ECB council seems broadly in line with this idea. We also point to possible …
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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/10003726111
Global excess liquidity roaming the world's financial markets (or its sudden absence) is sometimes believed to limit sovereign monetary policy even in large economies such as the euro area. However, there is still discussion about what constitutes global excess liquidity and how exactly it...
Persistent link: https://www.econbiz.de/10003726327
economic size in the voting rights of regional (or sectoral) interests. Broad benchmarks for the optimal design of monetary … compares the mismatch of relative regional economic size and voting rights in the monetary policy committees of the US Fed, the …
Persistent link: https://www.econbiz.de/10003304189
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This paper contributes to the debate on the role of money in monetary policy by analyzing the information content of money in forecasting euro-area inflation. We compare the predictive performance within and among various classes of structural and empirical models in a consistent framework using...
Persistent link: https://www.econbiz.de/10003797937
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