Evento: Goldman Sachs virtual event. Organizado por: Goldman Sachs ; The war in Ukraine is severely affecting the euro area and has notably increased uncertainty. The impact of the war on the economy will depend on how the conflict evolves, on the effect of current sanctions and on possible...

Rationale The share of non-marketable assets (mainly bank loans) pledged as collateral in the Eurosystem’s monetary policy credit operations has increased in recent years. The Banco de España’s corporate credit assessment system (ICAS BE) has contributed significantly to this development...

El canal de transmisión de la política monetaria en el modelo neo keynesiano (NK) se basa en la suposición contrafactual de expectativas racionales e información completa (FIRE, por sus siglas en inglés), especialmente en la dimensión de equilibrio general (EG). El presente documento...

Numeraire choice is often deemed a problem of purely analytical convenience. In this paper I show that there is more to numeraire selection than meets the eye for the formulation of monetary policy in countries with weak fiscal institutions. I show how (a) improper numeraire choice can...