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The Eurosystem�s asset purchase programmes for monetary policy purposes
Cova, Pietro; Ferrero, Giuseppe - Banca d'Italia - 2015
This paper analyzes the operation of the Eurosystem�s public and private assets purchases programmes for monetary policy purposes, quantifying the potential effect on the Italian economy. First we give an exhaustive account of the main transmission channels by which the purchases can be...
Persistent link: https://www.econbiz.de/10011277927
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Understanding TARGET 2: The Eurosystem’s Euro Payment System from an Economic and Balance Sheet Perspective
Handig, Martin; Holzfeind, Robert; Jobst, Clemens - In: Monetary Policy & the Economy (2012) 1, pp. 81-91
TARGET2 – the Trans-European Automated Real-time Gross settlement Express Transfer System 2 operated by the Eurosystem … public debate. However, TARGET2 balances by definition constitute intra- Eurosystem balances and are as such an integral part … banks. At the same time, there is no denying that the Eurosystem is facing major challenges in its monetary and liquidity …
Persistent link: https://www.econbiz.de/10011015348
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A national central bank within a federal system.
Barontini, C.; Bonzom, P. - In: Quarterly selection of articles - Bulletin de la Banque … (2006) 05, pp. 21-36
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Persistent link: https://www.econbiz.de/10009283334
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Optimal central bank design: Benchmarks for the ECB
Berger, Helge - In: The Review of International Organizations 1 (2006) 3, pp. 207-235
Persistent link: https://www.econbiz.de/10008515202
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Optimal central bank design: benchmarks for the ECB
Berger, Helge - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 2005
The paper discusses key elements of optimal central bank design and applies its findings to the Eurosystem. A … pre-1999 German Bundesbank, and the ECB over time. Based on these benchmarks, there seems to be room to improve the … organization of the ECB Governing Board and current plans for reform. …
Persistent link: https://www.econbiz.de/10008533517
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Money and Inflation in the Euro-Area: A Case for Monetary Indicators?
Gerlach, Stefan; Svensson, Lars E O - C.E.P.R. Discussion Papers - 2002
information regarding future inflation. In contrast, the Eurosystem’s money-growth indicator (the difference between nominal money …
Persistent link: https://www.econbiz.de/10005123681
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Tracking the Euro
Koen, Vincent; Boone, Laurence; Serres, Alain de; … - Economics Department, Organisation de Coopération et … - 2001
During the first two years of monetary union, the euro's weakness surprised most market participants. Explanations proliferated ranging from fundamentals such as differences in growth prospects to psychological factors such as herd behaviour, but no single story fully accounts for the observed...
Persistent link: https://www.econbiz.de/10005045928
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Optimal Central Bank Design: Benchmarks for the ECB
Berger, Helge - CESifo - 2006
The paper discusses key elements of optimal central bank design and applies its findings to the Eurosystem. A … pre-1999 German Bundesbank, and the ECB over time. Based on these benchmarks, there seems to be room to improve the … organization of the ECB Governing Board and current plans for reform. …
Persistent link: https://www.econbiz.de/10005181598
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Research at a policy making institution: Launching research at the ECB
Gaspar, Vitor; Vega, Juan Luis - In: Swiss Journal of Economics and Statistics (SJES) 138 (2002) IV, pp. 359-376
A short overview of the organisation of research in the Eurosystem and in the ECB is provided in the paper together … with some preliminary, tentative evidence on the research output. Given that the ECB was created only on 1 June 1998, and … comparisons between the ECB and the Board of Governors of the Federal Reserve System are also provided. …
Persistent link: https://www.econbiz.de/10005427587
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Target2 Redux: The simple accountancy and slightly more complex economics of Bundesbank loss exposure through the Eurosystem
Buiter, Willem H.; Rahbari, Ebrahim - C.E.P.R. Discussion Papers - 2012
-up scenario that leaves Germany as the only member of the euro area and the Bundesbank as the sole owner of the ECB. In this … principal sources. First, the 16 national central banks (NCBs) that exit the Eurosystem (which will on balance be net Target2 … with a zero recovery rate for the Bundesbank. Legally, the Target2 claims are not extinguished by exit from the Eurosystem …
Persistent link: https://www.econbiz.de/10011083334