English Abstract: Faced with a very prolonged period of low inflation, the Bank of Japan has been modifying its monetary policy strategy over the last two decades, pioneering the use of non-standard measures: it reduced policy interest rates to zero and, more recently, to negative levels, and...

Artículo de revista

En este documento se ofrece una panorámica de la evolución de la inflación a escala global en la última década y se trata de descubrir qué factores podrían explicar los niveles muy bajos de inflación durante la recuperación de la Gran Recesión. Se hace una revisión de la literatura...

Artículo de revista

The fallout from the 2008 financial crisis has been particularly acute in the euro area Member States of the south-western rim and in the new EU Member States, due to their previously accumulated macroeconomic and financial imbalances. The perception that the euro environment provided a solid...

The empirical research we have conducted shows that the central bank design, in particular choosing a narrow central bank objective geared towards price stability, can help reduce the likelihood of a crisis. This is also the case for the independence of the central bank. This result is more in...

Recent weaknesses in the world economy have prompted a downward revision of forecasts for 2019. The baseline projection scenario points to a widespread easing of growth, albeit more so in some areas than in others, against a backdrop of high uncertainty and significant downside risks. These...

This article offers an overview of the monetary policy framework review currently being conducted by the United States Federal Reserve (Fed). First, we examine the alternative strategies under consideration to address the likely greater incidence of episodes in which monetary policy is...