This paper discusses 1) the design and sequencing of exiting from unconventional monetary policy measures, which the ECB has undertaken to achieve price stability and support the euro area economy and 2) the new normal-namely, how the future operational framework of the ECB should look and to...

This paper discusses 1) the design and sequencing of exiting from unconventional monetary policy measures, which the ECB has undertaken to achieve price stability and support the euro area economy and 2) the new normal-namely, how the future operational framework of the ECB should look and to...

In the short- to medium-run, non-standard monetary policy helps to stimulate the economy and stabilize financial markets. However, it is also widely acknowledged that side effects tend to materialize in the medium- to long-run. Thus, the time dimension is a crucial factor in assessing the...

In the short- to medium-run, non-standard monetary policy helps to stimulate the economy and stabilize financial markets. However, it is also widely acknowledged that side effects tend to materialize in the medium- to long-run. Thus, the time dimension is a crucial factor in assessing the...

Confronted with a different macroeconomic and financial environment, the ECB and the Fed monetary stances seem to be more and more on diverging paths. While the Fed has stopped its quantitative easing (QE) operations and has recently decided to raise the target range for the federal funds rate,...

Confronted with a different macroeconomic and financial environment, the ECB and the Fed monetary stances seem to be more and more on diverging paths. While the Fed has stopped its quantitative easing (QE) operations and has recently decided to raise the target range for the federal funds rate,...

This paper examines (real-time) equilibrium interest rates in the Czech Republic in 2001:1-2005:12 estimating various specifications of simple Taylor-type monetary policy rules. First, we estimate it using GMM. Second, we apply structural time-varying coefficient model with endogenous regressors...