insure against idiosyncratic income risk. I propose sharper monetary policy instruments contingent on the history of reported … that switching to a state-contingent monetary policy produces long-run gains in central bank surplus equal to 28.5% of …

Very few studies investigated central banking efficiency. Although Data Envelopment Analysis is widely used to measure … efficiency within the banking industry, it has surprisingly never been implemented in a central banking context. In our study, we … employ a radial DEA model to measure Eurosystem central banking efficiency. The Eurosystem monetary scheme offers interesting …

Despite the key role an increase in production efficiency plays in improving the competitiveness of the economy, the … efficiency of production is not reflected in the objectives of monetary policy. The paper investigates the impact of the interest … rate on firms’ efficiency and argues that it is not the interest rate itself that matters, but the gap between the interest …