.scobe.sc ........................................ 93 Monetary Policy in the Crisis ........................................................ 93 Central Bank Liquidity Swaps ….scr.sce.scc.sce.scd.sce.scnte.scd.sc Pol.sci.scc.scy.sc Re.scs.scp.scons.sce.sc ...................................... 46 Monetary Policy …-9. Policy Rates in Economies with Major Central Banks ............... 94 22 | Annual Report of the Council of Economic Advisers …

.scobe.sc ........................................ 93 Monetary Policy in the Crisis ........................................................ 93 Central Bank Liquidity Swaps ….scr.sce.scc.sce.scd.sce.scnte.scd.sc Pol.sci.scc.scy.sc Re.scs.scp.scons.sce.sc ...................................... 46 Monetary Policy …-9. Policy Rates in Economies with Major Central Banks ............... 94 22 | Annual Report of the Council of Economic Advisers …

.scobe.sc ........................................ 93 Monetary Policy in the Crisis ........................................................ 93 Central Bank Liquidity Swaps ….scr.sce.scc.sce.scd.sce.scnte.scd.sc Pol.sci.scc.scy.sc Re.scs.scp.scons.sce.sc ...................................... 46 Monetary Policy …-9. Policy Rates in Economies with Major Central Banks ............... 94 22 | Annual Report of the Council of Economic Advisers …

.scobe.sc ........................................ 93 Monetary Policy in the Crisis ........................................................ 93 Central Bank Liquidity Swaps ….scr.sce.scc.sce.scd.sce.scnte.scd.sc Pol.sci.scc.scy.sc Re.scs.scp.scons.sce.sc ...................................... 46 Monetary Policy …-9. Policy Rates in Economies with Major Central Banks ............... 94 22 | Annual Report of the Council of Economic Advisers …

the European monetary union and the reluctance of the central bank to address risks of multiple equilibria in sovereign … Techniques and Monetary Policy, The Federal Reserve Bank of Boston.21 Monnet Eric (2012) 'Monetary policy without interest rates … measures in support of the financial sector in the EU and the United States', Occasional Paper 117, European Central Bank. 27 …

pursuing price stability. This Brief argues that fiscal backing is not necessary for the ECB for three reasons. Firstly, the … ECB balance sheet risk is small compared to the FED and BoE as it neither increased its quasi-fiscal operations as much as … the Fed or the BoE nor did it engage to a very large extent in outright bond purchases during the financial crisis …

eurozone, Flam et al. (2008) argue that given that the Swedish central bank has closely followed the ECB’s monetary policy … which economies adjust, and which remain exogenous. We nd little evidence of monetary policy independence for countries … independent monetary policy.6 S oderstr om (2008) comes to no clear-cut conclusion about whether or not participation in EMU would …

predictability of monetary policy decisions, and potentially to help achieve central banks' macroeconomic objectives. However, the …-world developments have spawned a huge new scholarly literature on central bank communicationmostly empirical, and almost all of it … and powerful part of the central bank's toolkit since it has the ability to move financial markets, to enhance the …

.scobe.sc ........................................ 93 Monetary Policy in the Crisis ........................................................ 93 Central Bank Liquidity Swaps ….scr.sce.scc.sce.scd.sce.scnte.scd.sc Pol.sci.scc.scy.sc Re.scs.scp.scons.sce.sc ...................................... 46 Monetary Policy …-9. Policy Rates in Economies with Major Central Banks ............... 94 22 | Annual Report of the Council of Economic Advisers …

far as this central bank is concerned, I do want to emphasise, or rather re-emphasise, that we base our monetary policy … central bank verbal communication and should capture news about the revision in the future path of monetary policy. 2 …), the ECB’s conduct of monetary policy was not well known, and financial market participants used to employ information …