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Persistent link: https://www.econbiz.de/10015458691
This paper analyses the problem faced by CEECs wishing to join the Euro who must hit both an inflation and exchange rate criterion during a period of nominal convergence. This process requires either an inflation differential, an appreciating nominal exchange rate, or a combination of the two,...
Persistent link: https://www.econbiz.de/10012754017
The transition economies were remarkably successful in curbing the inflation that took place after the initial transition and shocks and, more recently, most of the countries have brought inflation down to the levels found in major developed countries. In this paper we review the experiences and...
Persistent link: https://www.econbiz.de/10014071804
This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy. When the central bank enjoys only limited credibility a pegged exchange rate regime yields a...
Persistent link: https://www.econbiz.de/10013318342
This paper has three objectives. First, it aims at revealing the logic of interest rate setting pursued by monetary authorities of 12 new EU members. Using estimation of an augmented Taylor rule, we find that this setting was not always consistent with the official monetary policy. Second, we...
Persistent link: https://www.econbiz.de/10014202611
We evaluate the monetary determinants of inflation in the Czech Republic, Hungary, Poland and Slovakia by using the McCallum rule for money supply. The deviation of actual money growth from the rule is included in the estimation of Phillips curves for the four economies by Bayesian model...
Persistent link: https://www.econbiz.de/10013155386
Persistent link: https://www.econbiz.de/10012814928
Since 2009, European central bankers have supported some reforms, in order to draw roadmaps to get out of the euro debt crisis. This paper tests whether the educational and professional background of European central bankers matter for the type of reforms each of them advocated. Through a...
Persistent link: https://www.econbiz.de/10013026987
Persistent link: https://www.econbiz.de/10012515157
The paper focuses on the constitutional analysis of the European Central Bank (ECB). During the financial and fiscal crisis the role and actions of the ECB have far exceeded what was traditionally considered normal conduct of monetary policy and also what was envisaged in the Maastricht Treaty....
Persistent link: https://www.econbiz.de/10013080993