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How important are foreign shocks in small open economy? The case of Slovakia
Horváth, Roman; Rusnák, Marek - 2008
In this paper, we provide evidence on the nature and the relative importance of domestic and foreign shocks in Slovak economy based on block-restriction vector autoregression model in 1999-2007. We document well-functioning monetary transmission mechanism in Slovakia. Subject to various...
Persistent link: https://www.econbiz.de/10010322189
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The Political and Technical Aspects of Controlling Inflation
Gros, Daniel - In: Intereconomics 58 (2023) 3, pp. 133-135
After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise. Price pressures are now increasingly broadening to...
Persistent link: https://www.econbiz.de/10014334696
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Reversing the Great Monetary Expansion
Angeloni, Ignazio - In: Intereconomics 58 (2023) 3, pp. 142-147
Persistent link: https://www.econbiz.de/10014334698
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Was ECB's Monetary Policy Optimal?
Breuss, Fritz - 2002
Overall, the ECB managed monetary policy quite satisfactory in the first phase of EMU. Nevertheless, this paper asks whether monetary policy could not have been improved. In the last three years, Euroland was confronted with the first external shock. Oil prices increased considerably, leading to...
Persistent link: https://www.econbiz.de/10011435104
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The timing of central bank communication
Ehrmann, Michael; Fratzscher, Marcel - 2005
This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...
Persistent link: https://www.econbiz.de/10011604611
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The Activation Conditions of the Transmission Protection Instrument: Flawed by Design?
Arnold, Ivo J. M. - In: Intereconomics 58 (2023) 5, pp. 254-259
In 2022, the European Central Bank (ECB) introduced the Transmission ProtectionInstrument (TPI) to counter the risk of financial fragmentation following the normalisation ofmonetary policy. The ECB has specified conditions under which the TPI can be activated.This paper examines these conditions...
Persistent link: https://www.econbiz.de/10014459470
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The Educational and Professional Background of Central Bankers and its Effect on Inflation - An Empirical Analysis
Göhlmann, Silja; Vaubel, Roland - 2005
background. In a panel data analysis for the euro area and eleven countries since 1973,we explain inflation first by the weights …
Persistent link: https://www.econbiz.de/10010261030
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Towards a robust monetary policy rule for the euro area
Blattner, Tobias; Margaritov, Emil - 2010
-trivial implications for the prescriptions borne from these rules. This paper addresses this issue for the euro area using a new … comprehensive real-time database for the euro area and examines the ECB’s past interest-rate setting behaviour in two complementary … historical evolution of euro area monetary policy. We also find that the ECB is neither purely backward nor forward-looking, but …
Persistent link: https://www.econbiz.de/10011605256
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The development of monetary policy in the 20th century – some reflections
Issing, Otmar - 2010
In this paper I outline – from a practitioner’s as well as from a researcher’s perspective – several of the key developments that took place during the last century in monetary policy. In particular, I describe how the monetary system evolved from gold standard, prevailing throughout...
Persistent link: https://www.econbiz.de/10011506706
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Convergence and anchoring of yield curves in the euro area
Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional … substantially across euro area countries and even been eliminated over time, thus underlining not only market integration but also …
Persistent link: https://www.econbiz.de/10011604863