This paper empirically investigates the impact of U.S. monetary policy surprises on the volatility of stock market returns for euro area countries. More specifically, to extract the unanticipated component of the U.S. monetary policy, we follow the Kuttner's methodology and we use the federal...

As European countries strive to meet the Maastricht criteria before the end of 1997, doubts and concerns about the new institutional framework are rapidly growing . On one hand, the worsening unemployment rate raises the spectre of further tightening of fiscal and monetary policy (Bankers'...

Treasury bonds provide money-like services, while other bonds do not. These money-like services, which include safety and liquidity, are valued more during financial crises, reducing the substitutability of actual Treasuries and synthetic Treasuries — other types of bonds that yield the same...

This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network

This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network

We discuss the prospects for Chinese money market development and transition to market-based monetary policy operations based on a comparative historical analysis of the present Chinese situation and the development in 11 European countries from 1979 up to the launch of European Economic and...

The effect of forward guidance on interest rate expectations in small, open economies is often described as heterogeneous. There are examples when financial markets adjusted term structure to reflect interest rate forecasts provided in the projections published by the central banks. On the other...

After the Great Financial Crisis of 2007-2008, macroprudential policy has increasingly become the mainstream. New institutions and regulations were introduced for macroprudential supervision in the EU Member States as well as at the supranational level. This leads us to the research question:...