In this paper we argue that, in substance, the Quantitative Easing (QE) programmes introduced by central banks around the world amount to monetary financing of government deficits. As such, these programmes are unlawful under the Treaty on the Functioning of the European Union (TFEU). However,...

This paper investigates the relationship between monetary policy and the changes experienced by the US economy using a small scale New-Keynesian model. The model is estimated with Bayesian techniques and the stability of policy parameter estimates and of the transmission of policy shocks...