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Energy markets and the euro area macroeconomy
2010
This report aims to analyse euro area energy markets and the impact of energy price changes on the macroeconomy from a monetary policy perspective. The core task of the report is to analyse the impact of energy price developments on output and consumer prices. Nevertheless, understanding the...
Persistent link: https://www.econbiz.de/10011606265
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Potential impact of financial innovation on financial services and monetary policy
Dabrowski, Marek - 2017
The recent wave of financial innovation, particularly innovation related to the application of information and communication technologies, poses a serious challenge to the financial industry's business model in both its banking and non-banking components. It has already revolutionised financial...
Persistent link: https://www.econbiz.de/10011859169
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The sovereign-bank nexus: The role of debt and monetary policy
Seoane, Hernán D. - 2020
This policy report analyzes one aspect of the sovereign-bank nexus: the feedback effects between banks and sovereigns derived from the holdings of sovereign debt in domestic banks. We study how this relationship evolved during the European debt crisis and how it responded to the implementation...
Persistent link: https://www.econbiz.de/10012505199
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The predictability of monetary policy
Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008
Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...
Persistent link: https://www.econbiz.de/10011606235
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The Collateral Framework of the Eurosystem and Its Fiscal Implications
Eberl, Jakob Korbinian - 2016
This thesis was written by Jakob Eberl while having been a research assistant at the Center for Economic Studies (CES) at the University of Munich. It was completed in December 2015 and accepted as a doctoral thesis by the Department of Economics at the University of Munich in May 2016. The...
Persistent link: https://www.econbiz.de/10011698359
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Central Banking and the Choice of Currency Regime in Accession Countries
Buiter, Willem H.; Grafe, Clemens - 2001
The subject matter of this paper is the design of appropriate Central Banking arrangements and exchange rate regimes for those former centrally planned Central and East European countries that are candidates for full membership in the European Union. We give an overview of the existing...
Persistent link: https://www.econbiz.de/10011689895
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Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik
Heimberger, Philipp - 2016
Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Wachstum und Beschäftigung, was die Eurozonenwirtschaft im Zusammenspiel mit der über weite Strecken zögerlichen Geldpolitik … prozyklische, krisenverstärkende Fiskalpolitik befördert. Die EZB ist mit ihrer seit Anfang 2015 betriebenen Geldpolitik des …
Persistent link: https://www.econbiz.de/10012100198
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Clear, consistent and engaging: ECB monetary policy communication in a changing world
2021
This paper examines the importance of central bank communication in ensuring the effectiveness of monetary policy and in underpinning the credibility, accountability and legitimacy of independent central banks. It documents how communication has become a monetary policy tool in itself; one...
Persistent link: https://www.econbiz.de/10012661656
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Monetary policy strategy in a global environment
Moutot, Philippe; Vitale, Giovanni - 2009
This paper discusses the structural implications of real and financial globalisation, with the aim of drawing lessons for the conduct of monetary policy and, in particular, for the assessment of risks to price stability. The first conclusion of the paper is that globalisation may have played...
Persistent link: https://www.econbiz.de/10011606258
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The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise
Gardó, Sándor (contributor); Martin, Reiner (contributor) - 2010
The paper first reviews the main drivers of the growth and real convergence process in central, eastern and south-eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The...
Persistent link: https://www.econbiz.de/10011606266