This paper suggests, on the basis of the New Keynesian model, a measure of the degree of conservatism of the European Central Banker. At first, we notice that the appointment of the President of the European Central Bank was made after substantive disagreements about the degree of conservatism...

This paper analyses the Belgian monetary and exchange rate policies at the time of Bretton Woods. It sheds light on the groping adjustment process by which internal economic policies are hit by or adapt to the external constraints. In 1944, an ambitious monetary reform laid down the economic...

This paper attempts to model the relationship between monetary policy and financial asset prices. We develop an aggregative model under forward-looking rational expectations to analyse the optimal monetary policy response to stock prices and exchange rates shocks. We first demonstrate that a...