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Blattner, Tobias Sebastian - 2008

circumstances and contingencies. In this broader sense, longer-term predictability is also closely related to the credibility of the …

Persistent link: https://www.econbiz.de/10012772989

The predictability of monetary policy

Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008

circumstances and contingencies. In this broader sense, longer-term predictability is also closely related to the credibility of the …

Persistent link: https://www.econbiz.de/10011606235

Extraordinary Measures in Extraordinary Times : Public Measures in Support of the Financial Sector in the EU and the United States

Stolz, Stéphanie Marie - 2014

The extensive public support measures for the financial sector have been key for the management of the current financial crisis. This paper gives a detailed description of the measures taken by central banks and governments and attempts a preliminary assessment of the effectiveness of such...

Persistent link: https://www.econbiz.de/10013069662

Micro price heterogeneity and optimal inflation

Santoro, Sergio; Weber, Henning - 2023

. Minimising the welfare consequences of relative price distortions in the presence of these trends requires targeting a … significantly positive inflation rate in France, Germany and Italy: the steady-state inflation rate, jointly maximising welfare in … up optimal inflation targets further. The welfare costs of targeting an inflation rate of zero, as suggested by monetary …

Persistent link: https://www.econbiz.de/10014374700

Two-tier system for remunerating excess reserve holdings

Boucinha, Miguel; Burlon, Lorenzo; Corsi, Marco; Della … - 2022

This paper reviews the experience of the ECB with the two-tier system for excess reserve remuneration that exempted a portion of banks' excess liquidity (EL) holdings from the negative interest rate of the ECB's deposit facility. The two-tier system aimed to support the bank-based transmission...

Persistent link: https://www.econbiz.de/10013480191

Disclosure of climate change risk in credit ratings: An analytical framework to perform a status-quo assessment of the disclosure of climate change risks in rating methodologies and ratings reports by selected credit rating agencies

Breitenstein, Miriam; Ciummo, Stefania; Walch, Florian - 2022

Climate change can be a source of financial risk. This paper examines how credit rating agencies accepted by the Eurosystem incorporate climate change risk in their credit ratings. It also analyses how rating agencies disclose their assessments of climate change risks to rating users. The paper...

Persistent link: https://www.econbiz.de/10013480192

Challenges for monetary and fiscal policy interactions in the postpandemic era

Bonam, Dennis (contributor); Ciccarelli, Matteo (contributor) - 2024

In the low inflation and low interest rate environment that prevailed over the period 2013-2020, many argued that besides expansionary monetary policy, expansionary fiscal policy could also support central banks' efforts to bring inflation closer to target. During the pandemic, proper alignment...

Persistent link: https://www.econbiz.de/10014476187

Central bank digital currency and monetary policy implementation

Caccia, Enea; Tapking, Jens; Vlassopoulos, Thomas - 2024

This paper discusses the impact that a retail central bank digital currency (CBDC) could have on the implementation of monetary policy. Monetary policy implementation could be affected if the introduction of the retail CBDC changes the volume of commercial bank deposits held by customers, which...

Persistent link: https://www.econbiz.de/10014565151

What caused the euro area post-pandemic inflation? An application of Bernanke and Blanchard (2023)

Arce, Óscar; Ciccarelli, Matteo; Kornprobst, Antoine; … - 2024

This paper applies the semi-structural model proposed by Bernanke and Blanchard (2023) to analyse wage growth, price inflation and inflation expectations in the euro area. It is part of a broader project coordinated by Bernanke and Blanchard to provide a unified framework for analysing and...

Persistent link: https://www.econbiz.de/10014565158

To be or not to be "green": How can monetary policy react to climate change?

Boneva, Lena; Ferrucci, Gianluigi; Mongelli, Francesco Paolo - 2021

Climate change has profound effects not only for societies and economies, but also for central banks' ability to deliver price stability in the future. This paper starts by documenting why climate change matters for monetary policy: it impacts the economic variables relevant to setting the...

Persistent link: https://www.econbiz.de/10013331892