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Theory and practice of monetary policy have changed significantly over the past three decades. A very important part of …
Persistent link: https://www.econbiz.de/10011689928
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
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
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
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
The paper discusses potential effects of a central bank digital currency (CBDC) on liquidity and monetary policy. CBDC could benefit the payment system but could also pose macroeconomic/financial challenges if demand for CBDC becomes high. High CBDC demand can affect banks' balance sheets,...
Persistent link: https://www.econbiz.de/10015195465
The ECB has ended its net purchases of bonds. As a result, the ECB will no longer dampen volatility in the euro area bond markets to the same extent. This may lead to greater volatility in the Danish mortgage bond market. In recent years, banks have reduced their market-making capacity in the...
Persistent link: https://www.econbiz.de/10014551635
In this paper we describe the newly developed System for Model Analysis in Real Time (SMART) used for forecasting and model analysis in Norges Bank. While the long-term goal is to include all empirical models used in forecasting in Norges Bank, the emphasis in this paper will be on the empirical...
Persistent link: https://www.econbiz.de/10014551749
Through Bruegel's role on the Monetary Experts Panel for the European Parliament's Committee on Economic and Monetary Affairs, Bruegel scholars contributed to the Committee's Monetary Dialogue with the European Central Bank meeting on 28 September. In this briefing paper for the Panel, Director...
Persistent link: https://www.econbiz.de/10010273699
In response to the financial and economic crisis, central banks, unlike in the 1930s, have created enormous amounts of money. There are fears that this will lead to inflation, but it is base money (the central bank's liabilities) that has expanded; total monetary aggregates have not. By contrast,...
Persistent link: https://www.econbiz.de/10010273707