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The European Central Bank has engaged in a wide range of nonstandard monetary policy measures since 2007. Each new tool was accompanied by an intense public debate on its effectiveness. This study evaluates the average effect of these measures on the macro-economy. The estimates show that...
Persistent link: https://www.econbiz.de/10011432678
Die Europäische Zentralbank hat seit 2007 zahlreiche unkonventionelle geldpolitische Maßnahmen umgesetzt. Jedes neue Instrument wurde von einer heftigen öffentlichen Debatte über seine Wirksamkeit begleitet. Diese Studie evaluiert die makroökonomischen Effekte dieser Maßnahmen. Die...
Persistent link: https://www.econbiz.de/10011432768
The complexity of the monetary phenomenon as well as the effects that it induces in the social and economic life of the countries around the world have represented and still represent the subject of much controversy and dispute. The current forms of the monetary circulation organization in...
Persistent link: https://www.econbiz.de/10012017176
The popularity of inflation targeting has risen in the last decade and the number of countries that adopted inflation targeting as their monetary policy framework surpassed 40 by the end of 2016. This study analyzes whether inflation targeting around the world has been successful in terms of...
Persistent link: https://www.econbiz.de/10012217602
The debate about Canadian-U.S. monetary integration is surveyed. The choice is among overall monetary orders,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada’s recent economic performance under inflation targets, and...
Persistent link: https://www.econbiz.de/10005406116
Persistent link: https://www.econbiz.de/10011091003
The paper is organised around three objectives. First, it scrutinises closely each of the two indices of Central Bank Independence (CBI) most commonly used in the empirical literature and quantifies their "subjectivity" bias. It defines and discovers an impressive interpretation bias, a major...
Persistent link: https://www.econbiz.de/10005650142
The paper advances a simple and tractable Wicksellian model of inflation, in which the price level is determined by the interaction of the nominal rate of return on capital with a rule that governs the interest rate at which the Central Bank supplies money, and in which the equality of the...
Persistent link: https://www.econbiz.de/10005032839
The debate about whether Canada should seek some form of monetary integration with the United States is surveyed. It is argued that the choice here is among overall monetary orders, rather than among exchange rate regimes considered in isolation, with particular attention needing to be paid to...
Persistent link: https://www.econbiz.de/10005212370
Since the 2008 financial crisis burst, central banks have had an increasing role in ensuring liquidity on financial markets, acting as lender of last resort and maintaining a general, though still fragile equilibrium. Once the interest rate cuts were no more enough to ease monetary policy,...
Persistent link: https://www.econbiz.de/10010675756