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Rules versus human beings, and the mandate of the ECB

Fratzscher, Marcel - In: CESifo economic studies : CESifo, a joint initiative of … 62 (2016) 1, pp. 68-87

The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor...

Persistent link: https://www.econbiz.de/10011458707

The ECB, between conservatism and pragmatism

Bastidon, Cécile; Gilles, Philippe; Huchet, Nicolas - In: Journal of central banking theory and practice 5 (2016) 1, pp. 25-52

Persistent link: https://www.econbiz.de/10011477375

Cross-border spillover effects of macroprudential policies : a conceptual framework

Kok Sørensen, Christoffer; Reinhardt, Dennis - Europäische Zentralbank / Task Force on Cross-Border … - 2020

Due to the international dimension of the financial sector within the EU and beyond, domestically oriented macroprudential policies have the potential to create material cross-border spillover effects. This occasional paper provides a detailed overview of the academic and empirical literature on...

Persistent link: https://www.econbiz.de/10012254361

The trilemma of expansionary monetary policy in the Euro area during the COVID-19 crisis

Lang, Sebastian; Schadner, Wolfgang - In: Finance research letters 42 (2021), pp. 1-4

Persistent link: https://www.econbiz.de/10014581533

The EU's Open Strategic Autonomy from a central banking perspective : challenges to the monetary policy landscape from a changing geopolitical environment

2023

Over the past decade, geopolitical developments - and the policy responses to these by major economies around the world - have challenged economic openness and the process of globalisation, with implications for the economic environment in which central banks operate. The return of war to Europe...

Persistent link: https://www.econbiz.de/10014248552

Crises have shaped the European Central Bank

Wellink, Arnout H. E. M. - In: Journal of international money and finance 138 (2023), pp. 1-15

Persistent link: https://www.econbiz.de/10014478197

Rules versus human beings, and the mandate of the ECB

Fratzscher, Marcel - 2015

The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The paper reviews, compares and evaluates the different arguments made in favour...

Persistent link: https://www.econbiz.de/10011651154

The ECB'S Money Pillar; An Assessment

Jaeger, Albert - International Monetary Fund (IMF) - 2003

some of the area's institutional features, which may impart considerable persistence to area-wide inflation, caution … against shifting to conventional inflation targeting. But the time series evidence also seems to point to a relatively loose … connection between variations in nominal money growth and inflation in the short to medium run. As a consequence, effective …

Persistent link: https://www.econbiz.de/10005264049

The ECB'S Inflation Objective

Kieler, Mads - International Monetary Fund (IMF) - 2003

The ECB's objective of medium-term inflation below 2 percent has been portrayed by critics as ambiguous, asymmetric … that: (1) in terms of guiding inflation expectations and policymaking, the current definition has functioned much as would … an inflation target centered on 1 1/2-1 3/4 percent; (2) the absence of a specific (point) target for medium …

Persistent link: https://www.econbiz.de/10005768947

Euro Area Monetary Policy in Uncharted Waters

Stavrev, Emil; Harjes, Thomas; Cihák, Martin - International Monetary Fund (IMF) - 2009

We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find...

Persistent link: https://www.econbiz.de/10008528698