The research deals with the characteristics of the economic policies pursued in the Euro Area and with their theoretical fundamentals. The main interpretative hypothesis is that a deflationary bias is embodied in the ways the policy authorities act within the European framework. In order to...

The effect of forward guidance on interest rate expectations in small, open economies is often described as heterogeneous. There are examples when financial markets adjusted term structure to reflect interest rate forecasts provided in the projections published by the central banks. On the other...

After the Great Financial Crisis of 2007-2008, macroprudential policy has increasingly become the mainstream. New institutions and regulations were introduced for macroprudential supervision in the EU Member States as well as at the supranational level. This leads us to the research question:...

On September 3-4, 2009, SUERF and Utrecht University School of Economics jointly organized the 28th SUERF Colloquium on "The Quest for Stability" in Utrecht, the Netherlands. The papers contained in this SUERF Study jointly published with DNB and Rabobank are based on contributions to this...

In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to...

Zu hohe Schulden der privaten Haushalte und Unternehmen haben maßgeblich zum Ausbruch und Verlauf der Finanzkrise beigetragen. Um eine Wiederholung zu vermeiden, wird die private Verschuldung inzwischen überwacht. Betrachtet wird dabei primär die Schuldenhöhe. Ihre Struktur (d. h....

As European countries strive to meet the Maastricht criteria before the end of 1997, doubts and concerns about the new institutional framework are rapidly growing . On one hand, the worsening unemployment rate raises the spectre of further tightening of fiscal and monetary policy (Bankers'...

In the following text we will analyze the problems stemming from incorrect definitions of inflation and deflation.Then we will put forth a taxonomy of deflation, which will enable us to abandon the confused quot;macroquot; view of the deflation issue and to show the flawed comparison between two...