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Central Bank Reaction to Public Deficit and Sound Public Finance : The Case of the European Monetary Union
Canale, Rosaria Rita - 2009
The paper aims to shed light on the relation between monetary and fiscal policy in EMU, focusing on the interest rates and deficit dynamics. We present a theoretical model in which monetary and fiscal policy independently interact in a closed economic system through their own instrument, namely,...
Persistent link: https://www.econbiz.de/10012719593
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Monetary Conservatism and Fiscal Policy
Adam, Klaus - 2006
Does an inflation conservative central bank agrave; la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary...
Persistent link: https://www.econbiz.de/10012779800
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Monetary Conservatism and Fiscal Policy
Adam, Klaus; Billi, Roberto M. - 2013
Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary...
Persistent link: https://www.econbiz.de/10014052930
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The collateral framework of the Eurosystem and its fiscal implications
Eberl, Jakob Korbinian - 2016
Sicherheitenrahmen des Eurosystems. Kapitel 2 gibt eine Einführung in die Entwicklung der Geldpolitik des Eurosystems während der Finanz … Geldpolitik identifiziert. Kapitel 3 präsentiert eine umfassende Analyse der im Sicherheitenrahmen des Eurosystems verankerten …
Persistent link: https://www.econbiz.de/10011742392
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Post-Covid Fiscal Rules : A Central Bank Perspective
Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022
stabilisation considerations. This paper provides simulation analysis for the euro area and individual countries with a view to …
Persistent link: https://www.econbiz.de/10013297106
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The crisis management of the ECB
Breuss, Fritz - 2016
Persistent link: https://www.econbiz.de/10011411760
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The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...
Persistent link: https://www.econbiz.de/10011619626
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Causes of the outbreak of the Eurozone crisis : the role of the USA and the European Central Bank monetary policy
Białek, Natalia - In: E-Finanse : finansowy kwartalnik internetowy 11 (2015) 2, pp. 47-63
This paper argues that the loose monetary policy of two of the world’s most important financial institutions-the US Federal Reserve Board and the European Central Bank-were ultimately responsible for the outburst of global financial crisis of 2008 - 09. Unusually low interest rates in 2001 -...
Persistent link: https://www.econbiz.de/10011402491
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TARGET2 imbalances and the ECB as lender of last resort
Purificato, Francesco; Astarita, Caterina - In: International Journal of Financial Studies : open … 3 (2015) 4, pp. 482-509
Union to survive, rather than to disparities in the level of competitiveness among countries of the Eurozone. This crisis of …
Persistent link: https://www.econbiz.de/10011408880
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The European Central Bank and why things are the way they are : a historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and … become more homogenized, synchronized, and directionally clear than at any time since early 2009. -- Eurozone ; Monetary …
Persistent link: https://www.econbiz.de/10009503821