In this paper policy issues related to the operation of monetary policy in a low inflation environment are discussed. The successful reduction of inflation rates in a number of OECD countries in recent years arguably represents a regime shift that is likely to affect the operation of monetary...

In this paper policy issues related to the operation of monetary policy in a low inflation environment are discussed. The successful reduction of inflation rates in a number of OECD countries in recent years arguably represents a regime shift that is likely to affect the operation of monetary...

In this paper, the authors analyse the role of asset market prices in the formation of monetary policy with particular reference to equity markets, a concern for policy makers in the late 1990s. While asset prices have potentially valuable supplementary information for monetary policy makers,...

In this paper, the authors analyse the role of asset market prices in the formation of monetary policy with particular reference to equity markets, a concern for policy makers in the late 1990s. While asset prices have potentially valuable supplementary information for monetary policy makers,...

In this paper a model is presented and estimated that explains real long-term interest rates in terms of developments in low-frequency and high-frequency economic factors in a multi-country framework, using a data set covering 17 OECD countries since the early-1980s. A simultaneous estimation...

For a long time European Economic and Monetary Union was mainly considered an internal European issue and external consequences were largely ignored. In contrast to most previous analyses, this paper looks at a number of international implications of monetary union. It is argued that several...

For a long time European Economic and Monetary Union was mainly considered an internal European issue and external consequences were largely ignored. In contrast to most previous analyses, this paper looks at a number of international implications of monetary union. It is argued that several...