simple interest rate rule is employed to interpret ECB policy since 1999. An evaluation of alternative policy rules across 11 … growth as the one used to interpret ECB policy is quite robust as long as it responds to current outcomes of these variables. …

It is widely recognised that the "one-size-fits-all" monetary policy of the euro-zone is a potential problem. How much … problem is not the fault of the ECB, but is due to having a single nominal interest rate. As a result, the evidence reveals … competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to …

previous states, e.g. in Germany. It is thus not surprising that the models built by the staff of the European Central Bank … (ECB) to study optimal monetary policy in the Euro area (for instance Smets and Wouters, 2004a, 2004b) typically assume … price shocks. Two-country models exist at the ECB (e.g. de Walque, Smets, Wouters, 2005) but they overlook asset price …

public. Using the case of the European Central Bank (ECB), the paper analyses the favorableness with which monetary policy … information communicated by the ECB. There are, however, also indications of a critical monitoring role assumed by the media …, which tends to report more negatively on ECB policy decisions when inflation exceeds the inflation target. …

This paper describes the way in which the European Central Bank (ECB), the Federal Reserve and the Bank of England …