This paper aims at investigating first the (possibly time-varying) empirical relationship between the level and conditional variances of price and financial stability, and second, the effects of macro and policy variables on this relationship in the United States and the Eurozone. Three...

This paper aims at investigating first the (possibly time-varying) empirical relationship between the level and conditional variances of price and financial stability, and second, the effects of macro and policy variables on this relationship in the United States and the Eurozone. Three...

This paper aims at investigating first the (possibly time-varying) empirical relationship between the level and conditional variances of price and financial stability, and second, the effects of macro and policy variables on this relationship in the United States and the Eurozone. Three...

Le système bancaire de la zone euro a été fortement touché par deux crises : celle des subprime puis celle des dettes souveraines. Il s'en est suivi un processus de fragmentation du système bancaire qui s'est traduit par des difficultés de financement pour les banques des pays en crise et...

The prevailing consensus on the role of central banks has eroded. The pursuit of the goal of price stability only is now insufficient to ensure macroeconomic and financial stability. A new paradigm emerges in which central banks should ensure price stability, growth and financial stability....

Le consensus qui prévalait sur le rôle des banques centrales s’est fissuré. La poursuite du seul objectif de stabilité des prix est aujourd’hui insuffisante pour assurer la stabilité macroéconomique et financière. Un nouveau paradigme émarge dans lequel les banques centrales doivent...

As one of the most dynamic components of demand, the rebound of investment is key for a sustained euro-area the recovery. However, in spite of ECB's very accommodative monetary policy, attractive financing conditions and a still large investment gap compared to pre-crisis levels (albeit with...

The notes in this compilation prepared by key monetary experts review the asset purchase programmes (Quantitative Easing or QE) undertaken by major central banks of developed countries in recent years, discuss their macroeconomic and financial effects and elaborate on the policy messages...