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The first twenty years of the European Central Bank : monetary policy
Hartmann, Philipp; Smets, Frank - 2018
On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of...
Persistent link: https://www.econbiz.de/10011959260
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Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?
Gokhale, Jagadeesh - 2009
standards, the housing boom and bust - and the subsequent financial crisis and recession - would have been averted. In this … bust, and that the many reform ideas currently proposed would have done little or nothing to avert the crisis … credit default swaps for investors is to blame for the financial crisis. We find little evidence for this. Housing data …
Persistent link: https://www.econbiz.de/10013155688
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Investors Can Temper Their Inflation Fears : Post-COVID Inflation is Unlikely to Resemble the Great Inflation of 1968 to 1982
Higgins, Mark - 2021
On August 11, 2021, the U.S. Bureau of Labor Statistics reported a 5.4% per year increase in the CPI for the third consecutive month, intensifying the ongoing debate about whether high inflation will prove temporary or more lasting. This paper seeks to inform this debate by evaluating the...
Persistent link: https://www.econbiz.de/10013215264
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Assessing the Impacts of British Monetary Policy in the Advent of the Panic of 1825. (BSc Dissertation, London School of Economics, 2018)
Pickering, George - 2021
This dissertation will analyse the degree to which Bank of England note issues influenced the extent of credit expansion by the British banking system during the 1819-26 business cycle. The evidence presented, both theoretical and empirical, tends to suggest that such an influence did indeed...
Persistent link: https://www.econbiz.de/10013221630
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Liquidity, inflation and asset prices in a time-varying framework for the euro area
Baumeister, Christiane; Durinck, Eveline; Peersman, Gert - 2008
In this paper, we investigate how the dynamic effects of excess liquidity shocks on economic activity, asset prices and inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity (M1, M3-M1 or credit) and the underlying state...
Persistent link: https://www.econbiz.de/10011506663
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Liquidity, Inflation and Asset Prices in a Time-Varying Framework for the Euro Area
Baumeister, Christiane - 2010
In this paper, we investigate how the dynamic effects of excess liquidity shocks on economic activity, asset prices and inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity (M1, M3-M1 or credit) and the underlying state...
Persistent link: https://www.econbiz.de/10013137632
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Monetary Equilibrium and Price Stickiness Reconsidered : A Reply to Bagus and Howden
Luther, William J. - 2014
Bagus and Howden (2011) argue that price stickiness is a poor justification for advocating a flexible money supply through the issuing of fiduciary media under central or free banking. They view the contraction in output following an exogenous increase in money demand as an optimal response,...
Persistent link: https://www.econbiz.de/10013066751
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Monetary Policy Without Interest Rates : Evidence from France 's Golden Age (1948-1973) Using a Narrative Approach
Monnet, Eric - 2013
Central banking in France from 1948 to 1973 was a paradigmatic example of an unconventional policy relying on quantities rather than on interest rates. Usual SVAR find no effect of policy shocks and support the common view that monetary policy was ineffective over this period. I argue that only...
Persistent link: https://www.econbiz.de/10013076326
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The Prices vs. Quantities Tradeo ff in Monetary Policy : An Interpretation of Credit Controls
Monnet, Eric - 2013
Why do some central banks choose to control directly the quantity of credit rather than to influence indirectly interest rates through market operations? This paper states that the choice of monetary policy instruments is determined not primarily by the nature of the macroeconomic disturbances...
Persistent link: https://www.econbiz.de/10013076332
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Verdict on the Crash : Causes and Policy Implications
Booth, Philip - 2009
This monograph challenges the myth that the recent banking crisis was caused by insufficient statutory regulation of …
Persistent link: https://www.econbiz.de/10013156184