The 2022 ECB Forum on Central Banking was designed to analyse a series of disruptions that affected the euro area and the world economy during the recovery from the COVID pandemic, including notably Russia's invasion into Ukraine, and a number of parallel structural changes. Participants...

Two signaling games of monetary policy are considered: game one examines the effect of hysteresis on the labor market on the results of the repeated monetary policy game. Disciplinary effects of reputation disappear in presence of hysteresis. The second game compares weifare effects of monetary...

The effects of different institutional arrangements for the central bank are examined in the presence of economic shocks and uncertainty about the central banker's and the medianvoter's inflation target. A contract which is based on self-imposed monetary target announcements proves to be...