Das Kommunikationsverhalten der EZB wird verschiedentlich kritisiert. Zwei Instrumente, mehr Transparenz und Forward Guidance, stehen dabei im Mittelpunkt. Die Veröffentlichung von Protokollen der EZB-Ratssitzungen wird immer wieder angemahnt, und die EZB gibt mittlerweile eine Vorausschau auf...

Das Jahr 2022 - ein Zeitenumbruch. Inwiefern ist dieser Zeitenumbruch mit einem gesellschaftlichen Gestaltungswillen verbunden? Der vorliegende Artikel will Argumente dafür liefern, diesen Zeitenumbruch im aktiven Sinne zu verstehen - als Ausdruck der kooperativen Gestaltung und des effektiven...

make several claims about the inadequacy and fallacy of modern money theory (MMT) and conclude that MMT is nothing more than a political manifesto; there is no theoretical and empirical foundation beneath it. The present paper addresses this last point by focusing on the fiscal and monetary...

Changes in interest rates, inflation, and exchange rates are the main components of macroeconomic risks (financial risks) in projects evaluation. However, the conduct of monetary policy as well as its impact on the economic environment is seldom considered as an important component of...

Purpose: This paper aims to uncover the nexus between budget deficits, money growth and inflation in Vietnam in the period 1995-2012. Design/methodology/approach: The paper uses a structural vector auto-regressive model of five endogenous variables including inflation, real GDP growth, budget...

After introducing digital currency, the central bank emerges as a monopolist bank. It then faces an "impossible trinity". To achieve price stability and financial stability, optimal consumption allocation is sacrificed. In this paper, I show that fiscal policy designed in coordination with the...

n this study, we examine the evolution of the Central Bank of Nigeria's (CBN) reaction function since the adoption of the structural Adjustment Programme (SAP). We consider the role of structural breaks in the reaction function, the leading composition, as well as the driving factors behind...

Since the last global financial crisis supervisory mechanisms and regulations have become more stringent which have significantly improved resilience of banks therefore positively affecting financial stability. Apart from traditional financial institutions which have been supervised according to...

Purpose Financial stability has become a focal point for central banks since the global financial crisis. However, the optimal mix between monetary and financial stability policies remains unclear. In this study, the "soft" approach to such policy mix was tested - how often monetary policy (in...