Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...

Changes in prices and especially in aggregate price levels are subjected to complex dynamics and extreme endogeneity, as expectations, current conditions, policies, and the rules of the game combine to form inflationary outcomes. This paper explores how inflationary expectations are set – and...

Central banks have a long tradition of minimizing their exposure to credit-risk. The Federal Reserve’s response to the recent financial crisis, which entailed greater risk-taking, has raised the question of whether such ‘unusual’ practices are desirable. This paper addresses the vacuum in...

Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained...

Many studies aim to measure BRH monetary policy’s impact on real economy. But little attention has been paid to the description of the different decisions’ progress via transmission channels. This study attends to close this gap. Using Berg and al (2013)’s narrative approach, initiated by...

Previously to the “Euro currency’s birth” there was even more than a debate about; there was a real fight of ideas between pro- and against the new currency and its “renewed” Union around. Then, there came the moment around the year 2000 (i.e. the Euro currency in 1999, then the...

How does democracy relate to the initial economic policy responses to Covid-19? Using a cross-country analysis, we find that countries with a higher degree of democracy have stronger economic policy responses than their peers. However, when we separate monetary and financial policies from fiscal...

Béla Balassa, the most significant theorist of the economic integration, dares to argue that this is just one for all multi-country areas, e.g. despite economic growth or development that might be different for different countries. Then, the diversity in terms of integration would be the same...

Creation and proper functioning of the money market in Romania is subject to a preponderant constancy of private property, to support competition as a factor increasing the efficiency of the economy. Appearance money market in Romania is related to the transformations that have manifested in our...

The paper develops a dynamic Input Output - Stock Flow consistent model based on the Supermultiplier approach. This framework integrates the dimension of output determination with the system of relative prices. Through this model, we define the determinants of the public debt-to-GDP ratio and...