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This paper explores how changes in macroeconomic uncertainty have affected the decision to reply to the European Central Bank’s Survey of Professional Forecasters (ECB’s SPF). The results suggest that higher (lower) aggregate uncertainty increases (reduces) non-response to the survey. This...
Persistent link: https://www.econbiz.de/10011550240
This paper explores how changes in macroeconomic uncertainty have affected the decision to reply to the European Central Bank's Survey of Professional Forecasters (ECB's SPF). The results suggest that higher (lower) aggregate uncertainty increases (reduces) non-response to the survey. This...
Persistent link: https://www.econbiz.de/10011492744
This paper argues that the loose monetary policy of two of the world’s most important financial institutions-the US Federal Reserve Board and the European Central Bank-were ultimately responsible for the outburst of global financial crisis of 2008 - 09. Unusually low interest rates in 2001 -...
Persistent link: https://www.econbiz.de/10011402491
, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and … become more homogenized, synchronized, and directionally clear than at any time since early 2009. -- Eurozone ; Monetary …
Persistent link: https://www.econbiz.de/10009503821
established institutions enabled the United States to derail depression dynamics, while European 1930s-style austerity proved as … Draghi. He seems to be able to speak German and yet act European. -- austerity ; central banks; economic stability ; euro … ; European Central Bank ; eurozone ; eurozone debt crisis ; financial crisis ; financial instability ; financial markets ; fiscal …
Persistent link: https://www.econbiz.de/10009783517
Union to survive, rather than to disparities in the level of competitiveness among countries of the Eurozone. This crisis of …
Persistent link: https://www.econbiz.de/10011408880
This paper explains the European debt crisis not as a result of insufficient fiscal discipline but as the result of a constructional flaw of the EMU. The reason for this flaw are the diverging real interest rates in EMU countries, which trigger self-reinforcing debt-spirals in the presence of...
Persistent link: https://www.econbiz.de/10013127890
established institutions enabled the United States to derail depression dynamics, while European 1930s-style austerity proved as …
Persistent link: https://www.econbiz.de/10013089327
An EU legal analysis of the European Central Bank's Pandemic Emergency Purchase Programme (PEPP), originally published in March 2020 in EULawLive, updated to include more references to the ECB's pandemic responses (prudential, monetary policy) and the EU's NextGenerationEU Recovery and...
Persistent link: https://www.econbiz.de/10013233593
The paper aims to shed light on the relation between monetary and fiscal policy in EMU, focusing on the interest rates and deficit dynamics. We present a theoretical model in which monetary and fiscal policy independently interact in a closed economic system through their own instrument, namely,...
Persistent link: https://www.econbiz.de/10012719593