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The monetary policy of the European Central Bank : strategy and implementation ; the European Monetary Union

Issing, Otmar - In: CESifo Forum 1 (2000) 2, pp. 3-9

Persistent link: https://www.econbiz.de/10004998595

Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area

Quint, Dominic; Rabanal, Pau - International Monetary Fund (IMF) - 2013

In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. We find that the introduction of a...

Persistent link: https://www.econbiz.de/10010790358

Deciding to Enter a Monetary Union; TheRole of Trade and Financial Linkages

Lama, Ruy; Rabanal, Pau - International Monetary Fund (IMF) - 2012

This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios....

Persistent link: https://www.econbiz.de/10011242323

The monetary policy of the Eurosystem

HERBEI, Marius; DUMITER, Florin - In: Finante - provocarile viitorului (Finance - Challenges … 1 (2009) 9, pp. 168-173

The European Central Bank (ECB) and the National Central Banks (NCB) together constitute the Eurosystem, the central banking system of the euro area. The main objective of the Eurosystem is to maintain price stability: safeguarding the value of the euro. The scope of the European Central Bank...

Persistent link: https://www.econbiz.de/10008556688

EMU's flawed economic constitution: macroeconomic policy disabled

Martin, Andrew - In: International Journal of Economics and Business Research 2 (2010) 1/2, pp. 60-75

EMU's design is seriously flawed. Monetary union was established without political union, creating a single eurozone …. Its exceptionally independent central bank, the ECB, sets monetary policy for the eurozone economy as a whole, but it has … no institutions for setting a eurozone-wide fiscal policy, and hence no democratically accountable structure for setting …

Persistent link: https://www.econbiz.de/10010669620

Future challenges for the ECB : the European Monetary Union

Remsperger, Hermann - In: CESifo Forum 1 (2000) 2, pp. 10-17

Persistent link: https://www.econbiz.de/10004998676

Testing the shape of EMU term structure of interest rates

Ruiz-Dotras, Elisabet; Bolance-Losilla, Catalina; … - In: International Journal of Financial Markets and Derivatives 1 (2010) 4, pp. 422-437

The creation of EMU raises the question whether the common monetary policy has the same impact in all member countries. We analyse the convergence of interest rates in four major EMU countries from 1999 to 2007. We suggest to test the convergence of the interest rates with the full term...

Persistent link: https://www.econbiz.de/10008755247

Downward nominal wage rigidity and the long-run Philips Curve: simulation-based evidence for the euro area

Coenen, Günter - European Central Bank - 2003

JEL Classification: E31, E52, E58, E61

Persistent link: https://www.econbiz.de/10005222344

Zero lower bound: is it a problem in the euro area?

Coenen, Günter - European Central Bank - 2003

JEL Classification: E31, E52, E58, E61

Persistent link: https://www.econbiz.de/10005816317

Institutionalizing Eurozone Exit: A Modified NEWNEY Approach

Huck, Steffen; Valasek, Justin Mattias - CESifo - 2013

In this note, we argue that the Eurozone needs an institutional exit mechanism to enhance Eurozone stability, and … incentives for intra-Eurozone capital flight and maintaining Eurozone price stability. Our modifications eliminate moral hazard …

Persistent link: https://www.econbiz.de/10010610083

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