English Abstract: Faced with a very prolonged period of low inflation, the Bank of Japan has been modifying its monetary policy strategy over the last two decades, pioneering the use of non-standard measures: it reduced policy interest rates to zero and, more recently, to negative levels, and...

The fallout from the 2008 financial crisis has been particularly acute in the euro area Member States of the south-western rim and in the new EU Member States, due to their previously accumulated macroeconomic and financial imbalances. The perception that the euro environment provided a solid...

The empirical research we have conducted shows that the central bank design, in particular choosing a narrow central bank objective geared towards price stability, can help reduce the likelihood of a crisis. This is also the case for the independence of the central bank. This result is more in...

Recent weaknesses in the world economy have prompted a downward revision of forecasts for 2019. The baseline projection scenario points to a widespread easing of growth, albeit more so in some areas than in others, against a backdrop of high uncertainty and significant downside risks. These...

This article offers an overview of the monetary policy framework review currently being conducted by the United States Federal Reserve (Fed). First, we examine the alternative strategies under consideration to address the likely greater incidence of episodes in which monetary policy is...

Spanish Abstract: El reconocimiento de la importancia que la estabilidad financiera tiene para el crecimiento económico sostenido de un país ha generado un intenso debate sobre su relación con los distintos ámbitos de la política económica. Uno de los aspectos más importantes es la...

Spanish Abstract:</B> El actual proceso de adhesión a la UE es el de mayor dimensión en términos de número de países y de población, pero también el que conlleva mayores diferencias en renta per cápita entre los miembros actuales y los países candidatos. El principal reto para los últimos...

This paper is a contribution to the literature on the factors behind financial stability, focusing on monetary policy design. In particular, it assesses empirically for a sample of 79 countries in the period 1970 to 2000 whether the choice of the central bank objectives and the monetary policy...

Spanish Abstract: Dado el elevado diferencial en renta per cápita entre los miembros actuales y los países candidatos, el principal reto que afrontan estos últimos es avanzar en la convergencia real. Tres factores son esenciales para aumentar el crecimiento económico de estos países de...

Rationale Türkiye is identified annually as a material country for the Spanish and euro area banking systems. Moreover, both are linked to Türkiye by major trade and financial flows. It is therefore important to monitor the country’s macro-financial situation and main weaknesses. Takeaways...