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This paper examines volatility spillovers from changes in the size of the balance sheets of the Federal Reserve (FED) and European Central Bank (ECB) to emerging market economies (EMEs) from 2003 to 2014. We find that EME bond markets are most susceptible to positive volatility spillovers from...
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The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary consequences of wage setting, deviating from a...
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During the European financial crisis, the European Central Bank implemented a series of unconventional monetary policy measures. We argue that these unconventional monetary policy measures created soft budget constraints for the Eurozone countries by lowering their bond yield spreads. This...
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This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...
Persistent link: https://www.econbiz.de/10009127161
Die Unabhängigkeit der Zentralbank soll die Geldpolitik vor politischen Einflüssen schützen. Dass dies funktioniert … als "unabhängige" Zentralbank gegründet. Sie konnte die Inflationsrate in der Vergangenheit vergleichsweise geringhalten … gesehen werden. Es gibt jedoch auch Kritik an dem Konzept der unabhängigen Zentralbank. Letztendlich muss dieses Konzept immer …
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