This paper analyzes political pressure on the National Bank of Slovakia, using the Havrilesky (1993) methodology based on media signalling. This methodology allows the pressure on the Central Bank of Slovakia to be compared with the pressure on the central banks to which the methodology was...

On January 1st, 1999, the European Central Bank (ECB) has started operating a common monetary policy on behalf of the 11 founding members of the European Monetary Union (EMU). There is a legitimate concern about the practicalities and the effectiveness of the decision-making process inside the...

We have helicopter money when there is a lump-sum monetary transfer which produces intended central bank capital losses and/or a permanent monetary base change. This extraordinary monetary policy option appears whenever there is a significant economic crisis. But then the helicopter never flies....

This article discusses a form of fiscal monetization that produces losses in the central bank's balance sheet, without a permanent increase in the money base. If an independent central bank acts as a long-sighted policymaker, an optimal helicopter monetary policy can be identified. At the same...

As the independence of national central banks in the European Union is one of the main institutional features of the monetary constitution of the EU, the paper tries to find out whether central banks are factually independent in their decisions about interest rates if they face political...

This paper examines the contemporaneous relationship between the exchange rate regime and structural economic reforms over a period of 30 years. Using panel data techniques, we look at both a broad (world sample) and an OECD country sample. We investigate empirically whether structural reforms...

This paper examines the contemporaneous relationship between the exchange rate regime and structural economic reforms over a period of 30 years. We investigate empirically whether structural reforms are complements or substitutes for monetary commitment in the attempt to improve macroeconomic...

We examine whether central banks' voting records help predict the future course of monetary policy in the Czech republic, Hungary, Poland, Sweden and the United Kingdom, controlling for financial market expectations. Unlike previous research, first, we examine the period of the global financial...