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Aspetsberger, A. - European Central Bank - 1996

The increasing weight of open market transactions in central bank operations and the widening use of purchase agreements underlines a progress towards convergence of monetary policy instruments and procedures in EU countries. This paper presents a survey of features of open market operations...

Persistent link: https://www.econbiz.de/10005641236

Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries.

Escriva, J.L.; Fagan, F.P. - European Central Bank - 1996

This paper provides empirical evidence on the use of monetary policy instruments and procedures (MPIP) in EU countries. In particular, it focuses on three important issues which arise in this context. Fist, we examine the structural position of the EU money markets. Second , evidence is...

Persistent link: https://www.econbiz.de/10005641237

National prices and wage setting in a currency union

Sánchez, Marcelo - European Central Bank - 2009

Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typicallypredicts more aggressive wage setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage moderation,thereby eliciting criticism from Posen and...

Persistent link: https://www.econbiz.de/10005866574

Modelling and Forecasting the Yield Curve under Model uncertainty

Donati, Paola; Donati, Francesco - European Central Bank - 2008

This paper proposes a procedure to investigate the nature and persistence of the forces governing the yield curve and to use the extracted information for forecasting purposes. The latent factors of a model of the Nelson-Siegel type are directly linked to the maturity of the yields through the...

Persistent link: https://www.econbiz.de/10005530758

The effects of monetary policy on unemployment dynamics under model uncertainty: evidence from the US and the euro area

Altavilla, Carlo; Ciccarelli, Matteo - European Central Bank - 2009

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10008480910

Modeling model uncertainty

Onatski, Alexei; Williams, Noah - European Central Bank - 2002

Recently there has been much interest in studying monetary policy under model uncertainty. We develop methods to analyze different sources of uncertainty in one coherent structure useful for policy decisions. We show how to estimate the size of the uncertainty based on time series data, and...

Persistent link: https://www.econbiz.de/10005222386

The reception of public signals in financial marketswhat if central bank communication becomes stale?

Ehrmann, Michael; Sondermann, David - European Central Bank - 2009

How do financial markets price new information? This paper analyzes price setting atthe intersection of private and public information, by testing whether and how thereaction of financial markets to public signals depends on the relative importance ofprivate information in agents’ information...

Persistent link: https://www.econbiz.de/10005866483

Background studies for the ECB's evaluation of its monetary policy strategy

Issing, Otmar (contributor) - European Central Bank - 2003

Persistent link: https://www.econbiz.de/10004820102

Forecasting ECB monetary policy: accuracy is (still) a matter of geography

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2006

and to anticipate monetary policy by the ECB? Using a database of surveys of professional ECB policy forecasters in 24 …

Persistent link: https://www.econbiz.de/10005530894

Monetary policy in the media

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2006

, and thus an important factor for its credibility and policy effectiveness. This paper analyses the coverage which ECB … that the press critically discusses the ECB’s policy decisions in the context of prior market expectations and of the … inflation environment, and that the media’s coverage of decisions is generally highly responsive to ECB communication – in …

Persistent link: https://www.econbiz.de/10005530962