Forecasts are an inherent part of economic science and the quest for perfect foresight occupies economists and researchers in multiple fields. The release of economic forecasts (and its revisions) is a popular and often publicized event, with a multitude of institutions and think-tanks devoted...

Since January 1999, according to the law, the common monetary policy for all the Economic and Monetary Union (EMU) Member States should be decided by simple majority in the Governing Council (GC) of the European Central Bank (ECB), regarding the Euro area aggregate conditions. Notwithstanding,...

Last year witnessed a strong concern from central banks with asset prices, with the sub-prime crisis effects still looming over the monetary and financial markets. There is now an extensive literature about the optimal response of central banks to the behaviour of asset prices but we think that...