We develop a roadmap of how the ECB should further reduce the volume of money (money supply) and roll back credit …

in order to account for variations within these variables over time. We argue that measures of money and credit growth … the Fed is concerned, the impact of consumer price inflation, and money and credit growth turns negative during the crisis … the ECB during the crisis. -- Subprime crisis ; federal reserve ; European Central Bank ; equilibrium real interest rate …

This paper examines the interactions between money, interest rates, goods and commodity prices at a global level. For …, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity …

inflation. This renders it difficult for central bank to exit from their current very expansive monetary policy stance if they …

. -- credibility ; central bank independence ; price stability ; monetary commitment …

time-variant index of central bank independence with government ideology. The results show that leftist governments have … somewhat lower short-term nominal interest rates than rightwing governments when central bank independence is low. In contrast …, short-term nominal interest rates are higher under leftist governments when central bank independence is high. The effect is …

After the dramatic rescue package for the euro area, the governing council of the European Central Bank decided to … sterilise its bond purchases - compensating those purchases through sales of other bonds or money market instruments to keep the … overall money supply unaffected. This is to counter accusations that the ECB is monetizing government debt. This note …

"true" forecasts of real time data for several periods are employed. -- European Central Bank ; monetary policy ; real time …