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Monetary Policy Strategies for the Euro Area : Optimal Rules in the Presence of the ELB

Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka - 2023

We study alternative monetary policy strategies in the presence of the lower bound on nominal interest rates and a low equilibrium real rate using an estimated DSGE model for the euro area. We find that simple feedback rules that implement inflation targeting result in a binding lower bound...

Persistent link: https://www.econbiz.de/10014355956

Monetary policy strategies for the euro area : optimal rules in the presence of the ELB

Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka - 2023

We study alternative monetary policy strategies in the presence of the lower bound on nominal interest rates and a low equilibrium real rate using an estimated DSGE model for the euro area. We demonstrate that simple feedback rules that implement inflation targeting result in a binding lower...

Persistent link: https://www.econbiz.de/10014278603

The European Central Bank and Why Things are the Way They Are : A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity

Dubois, Robert - 2012

Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...

Persistent link: https://www.econbiz.de/10013109818

The European Central Bank and why things are the way they are : a historic monetary policy pivot point and moment of (relative) clarity

Dubois, Robert - 2012

Persistent link: https://www.econbiz.de/10009503821

A look back at 25 years of the ECB SPF

Allayioti, Anastasia; Arioli, Rodolfo; Bates, Colm; … - 2024

economic expectations and forecasts, but also valuable insights on key topical issues and on economic risks and uncertainties … unemployment rate - the track record of the ECB SPF in forecasting has been broadly comparable to that of the Eurosystem. In …) underlying SPF expectations and an analysis and assessment of measures of macroeconomic uncertainty. Technical assumptions are …

Persistent link: https://www.econbiz.de/10015156735

Improving the ECB's policy strategy

Orphanides, Athanasios - 2025

The ECB can fulfil its mandate better and contribute to a stronger Europe by adopting sensible rules instead of relying on discretionary decision-making. A simple rule for the policy rate can promote systematic monetary policy and protect against significant policy errors. Ending the reliance on...

Persistent link: https://www.econbiz.de/10015413857

The fiscal compact and current account patterns in Europe

Behrendt, Stefan - 2014

This paper shall give an overview of the implications to the sectoral balances stemming from the implementation of the Fiscal Compact in the Euro area in 2013. Since there is noew a more or less strict limit to deficit spending - absent from cyclical factors - some other sector has to make up...

Persistent link: https://www.econbiz.de/10010436737

Deglobalisation post COVID-19 could spell trouble for the European Monetary Union

Bertasiute, Akvile; Massaro, Domenico; Weber, Matthias - 2020

Less economic integration would make it difficult for the ECB to stabilise the euro area economies. Symmetric monetary policy cannot do anything about this and individual countries would need to use fiscal policy tools

Persistent link: https://www.econbiz.de/10012387253

Monetary policy and macroeconomic factors : Japan versus the US and the euro area

Siklos, Pierre L. - In: Asia and the global economy : AGE 3 (2023) 2, pp. 1-8

Narratives that portray macroeconomic policies in Japan as unlike ones pursued in other large economies persist. I revisit how several factors, including monetary, fiscal, and demographic factors impact Japan, the US, and the euro area. Panel VARs driven by factors or observed macroeconomic...

Persistent link: https://www.econbiz.de/10014447638

Bad for Euroland, worse for Germany : the ECB's record

Bibow, Jörg (contributor) - 2005

This paper assesses the contribution of the European Central Bank (ECB) to Germany's ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the bank...

Persistent link: https://www.econbiz.de/10003229840