Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, to the Business and Industry Association of New Hampshire and the New Hampshire Bankers Association, Saint Anselm College, Manchester, New Hampshire, March 27, 2013.

Since the 2008/09 upheaval and panic in financial institutions and beyond, each country has had a responsibility to re-examine its regulatory and supervisory processes and establish a clear and focussed policy framework for preventing threats to financial stability. Some countries have seen the...

This paper argues that the depth and longevity of the crisis in the eurozone is due to structural and institutional differences between its members and that these are difficult to handle in a monetary union. We show this, first, by a test of the ‘one-size-fits-all’ ECB monetary policy. The...

Applying a uniform monetary policy by all European Union member states also require harmonization of monetary policy instruments and national interbank market integration also. Monetary policy instruments used by NBR (National Bank of Romania) have evolved over time as a result of alignment with...

This research paper is intended to be an analysis of the measures taken by the Romanian economic recovery through levers it has at hand, namely macroeconomic policies. Current financial and economic crisis appears to be unprecedented in the last half century. Whether it's a financial crisis or...

We use MPC voting records to predict changes in the volume of asset purchases. We find, first, that minority voting favoring an increase in the volume of asset purchases raises the probability of an actual increase at the next meeting. Second, minority voting supporting a higher Bank Rate...

Presentation to Town Hall Los Angeles, Los Angeles, California, April 3, 2013

Building on Giraud & Tsomocos (2009), we develop a model of non equilibrium international trades with incomplete markets. Trades occur in continuous time, both on international and domestic markets. Traders are assumed to exhibit locally rational expectations on future prices, interest rates and...

The two episodes of food price surges in 2007 and 2011 have been particularly challenging for developing and emerging economies' central banks and have raised the question of how monetary authorities should react to such external relative price shocks. We develop a new-keynesian small...

This article examines the scope of the monetary policy of the Central Bank of West African States after the new institutional reform. The analysis of the reform documents, the speech of the President of the West African Economic and Monetary Union (WAEMU) and the interview of the former Central...