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Inflation of objectives instead of focus on inflation? Evidence on the ECB objective function from a textual analysis
Heinemann, Friedrich; Kemper, Jan - 2022
In this analysis, we investigate ECB communication by analyzing more than 3,800 speeches from 1999 until 2022. The …
Persistent link: https://www.econbiz.de/10014286962
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Information and Uncertainty in the Theory of Monetary Policy
Wagner, Helmut - 2007
Theory and practice of monetary policy have changed significantly over the past three decades. A very important part of today's monetary policy is management of the expectations of private market participants. Publishing and justifying the central bank's best forecast of inflation, output, and...
Persistent link: https://www.econbiz.de/10011689928
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Möglichkeiten und Grenzen der Gestaltung von Information und Kommunikation in staatlichen Forstorganisationen: Theoretische Analyse und empirische Studien zum internen Berichtswese...
Kenntner, Claudia - 2014
Die vorliegende Untersuchung beschäftigt sich mit der Information und Kommunikation in den forstlichen Organisationen … des Landes Baden-Württemberg. Um Informationen zu erhalten und die Organisation mittels Kommunikation zielorientiert … betrieblichen Information und Kommunikation der forstlichen Organisationen des Landes Baden-Württemberg vorliegen. Auch soll …
Persistent link: https://www.econbiz.de/10010507595
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Stabilising financial markets: Lending and market making as a last resort
Buiter, Willem H.; Cecchetti, Stephen G.; Dominguez, … - 2023
This report looks backwards to the worldwide use of (enhanced) lender of last resort (LOLR) and market maker of last resort (MMLR) facilities during the global financial and the pandemic crises. It discusses how LOLR and MMLR facilities have worked; looking ahead, it considers what benefits and...
Persistent link: https://www.econbiz.de/10014327938
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Changing of the guards: Huge challenges ahead for the new ECB President
Wolff, Guntram B. - 2011
Jean-Claude Trichet deserves praise for fighting inflation and his handling of the financial crisis of 2007-2009. But his legacy is unfinished and we still have to see whether he will be the one who saved the euro. Important challenges remain for the incoming president. First, trust of citizens...
Persistent link: https://www.econbiz.de/10010293568
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Propping up Europe?
Pisani-Ferry, Jean; Wolff, Guntram B. - 2012
The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with exceptional initiatives resulting in a major increase in their balance sheets. After the ECB's end-2011 launch of three-year bank refinancing (LTRO), there has been speculation...
Persistent link: https://www.econbiz.de/10010293582
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Credit risk mitigation in central bank operations and its effects on financial markets - the case of the Eurosystem
Bindseil, Ulrich; Papadia, Francesco - 2006
This paper reviews the role and effects of the collateral framework which central banks, and in particular the Eurosystem, use in conducting temporary monetary policy operations. First, the paper explains the design of such a framework from the perspective of risk mitigation, which is the...
Persistent link: https://www.econbiz.de/10011606201
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The working of the eurosystem - monetary policy preparations and decision-making – selected issues
Moutot, Philippe; Jung, Alexander; Mongelli, Francesco Paolo - 2008
The ECB’s monetary policy has received considerable attention in recent years. This is less the case, however, for its regular monetary policy preparation and decision-making process. This paper reviews how the factors usually considered as critical for the success of a central banking system...
Persistent link: https://www.econbiz.de/10011606231
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The predictability of monetary policy
Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008
Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...
Persistent link: https://www.econbiz.de/10011606235
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Dancing together at arm’s length? – The interaction of central banks with governments in the G7
Bodea, Cristina; Huemer, Stefan - 2010
Central bank independence is a common feature in advanced economies. Delegation of monetary policy to an independent central bank with a clear mandate for price stability has proven to be successful in keeping a check on inflation and providing a trusted currency. However, it is also a fact that...
Persistent link: https://www.econbiz.de/10011606272