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measures. We argue that these unconventional monetary policy measures created soft budget constraints for the Eurozone …
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The book is about money, central banking and constitutions. It explains how the European Central Bank was established to ensure stability and prosperity for the euro area. The ECB was guided and controlled by a coherent European Macroeconomic Constitution. However, this model has failed during...
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We quantify spillovers of inflation expectations between the United States (US) and Euro Area (EA) based on break-even inflation (BEI) rates. In contrast to previous studies, we model US and EA BEI rates jointly in a structural vector autoregressive (SVAR) model. The SVAR approach allows to...
Persistent link: https://www.econbiz.de/10010255370
This paper studies the determinants of inflation expectations and credibility in the European Central Bank (ECB) during … the first decade of European monetary policy. As a measure of credibility we use the gap between the professional … of inflation expectations and credibility have changed during the recent financial crisis. Within a panel data approach …
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