We study the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986-2006, using single-country VARs and panel VARs in which we distinguish between groups of countries depending on their financial...

This paper tests the expectations hypothesis (EH) of the term structure of interest rates in US data, using spectral regression techniques that allow us to consider different frequency bands. We find a positive relation between the term spread and the change in the long-term interest rate in a...

This paper studies the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986-2006. We estimate VARs for individual economies and panel VARs in which we distinguish between groups of countries on...

Several authors have recently interpreted the ECB's two-pillar framework as separate approaches to forecast and analyse inflation at different time horizons or frequency bands. The ECB has publicly supported this understanding of the framework. This paper presents further evidence on the...

We argue in the present paper that the Stability and Growth Pact and its application can be improved, taking into account the experience gained during the last years. The reform debate should focus on the fundamental economic rationale and the initial orientation of the Pact. It puts more weight...

We argue in the present paper that the Stability and Growth Pact and its application can be improved, taking into account the experience gained during the last years. The reform debate should focus on the fundamental economic rationale and the initial orientation of the Pact. It puts more weight...