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The euro and its guardian of stability : the fiction and reality of the 10th anniversary blast

Bibow, Jörg - 2009

This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks, pushed off track by reckless policies pursued elsewhere. It argues instead that Europe had not only...

Persistent link: https://www.econbiz.de/10003943124

The Euro and its Guardian of Stability : The Fiction and Reality of the 10th Anniversary Blast

Bibow, Jörg - 2010

Persistent link: https://www.econbiz.de/10013150051

Central bank independence : a rigged debate based on false politics and economics

Palley, Thomas I. - 2019

The case for central bank independence is built on an intellectual two-step. Step one argues there is a problem of inflation prone government. Step two argues independence is the solution to that problem. This paper challenges that case and shows it is based on false politics and economics. The...

Persistent link: https://www.econbiz.de/10012104487

Designing New Money - The Policy Trilemma of Central Bank Digital Currency

Bjerg, Ole - 2017

The prospect of central banks issuing digital currency (CBDC) immediately raises the question of how this new form of money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the implementation of CBDC in terms of their monetary policy...

Persistent link: https://www.econbiz.de/10012954346

Breaking the Gilt Standard - The Problem of Parity in Kumhof and Noone's Design Principles for Central Bank Digital Currencies

Bjerg, Ole - 2018

This paper is a critical engagement with the four design principles for Central Bank Digital Currency (CBDC) recently proposed by Kumhof and Noone (KN). It is argued that the implicit notion of parity underlying KN's analysis is too narrow as it is only focused on the exchange rate between CBDC...

Persistent link: https://www.econbiz.de/10014112133

Rules Versus Discretion in Monetary Policy Historically Contemplated

Glasner, David - 2017

Monetary-policy rules are attempts to cope with the implications of having a medium of exchange whose value exceeds its cost of production. Two classes of monetary rules can be identified: (1) price rules that target the value of money in terms of a real commodity, e.g., gold, or in terms of...

Persistent link: https://www.econbiz.de/10014121191

Just Do it? An Assessment of Inflation Targeting in a Global Comparative Case Study

Duncan, Roberto; Martínez-García, Enrique; Toledo, … - 2022

This paper proposes new measures of the effectiveness of inflation targeting (IT) and evaluates its main drivers in a (large) sample of advanced economies (AEs) and emerging market and developing economies (EMDEs). Using synthetic control methods, we find that IT has heterogeneous effects on...

Persistent link: https://www.econbiz.de/10014238532

Implications of G20 Central Bank Governors’ Professional Qualification Profiles

Sancak, Ibrahim E. - 2021

Central bank governors and their professional competency have attracted reasonable interest in the monetary policy world. However, data and methods to measure the professional qualifications of central bank governors based on their experience, higher education, and other professional attributes...

Persistent link: https://www.econbiz.de/10013314231

Market Reactions to ECB Policy Innovations : A Cross-Country Analysis

Pacicco, Fausto - 2017

Eurozone equity markets reaction to policy rate shifts, conducted applying an event study methodology, we aim to assess whether … the ECB, with its conventional monetary policy manoeuvres, is able to wield a homogeneous effect across the main Eurozone … equity markets. The empirical analysis shows that generally policy rate shifts affect unevenly the Eurozone financial indexes …

Persistent link: https://www.econbiz.de/10012961775

Chapter 23. The Performance of Alternative Monetary Regimes

Ball, Laurence - In: Handbook of monetary economics : volume 3, (pp. 1303-1343). 2010

This paper compares the performance of economies with different monetary regimes during the last quarter century. The conclusions include: (1) There is little evidence that inflation targeting affects performance in advanced economies, but some evidence of benefits in emerging economies; (2)...

Persistent link: https://www.econbiz.de/10014025619

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