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From antigrowth bias to quantitative easing : the ECB's belated conversion?
Bibow, Jörg - 2016
This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the … bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and … attached to the euro area’s official competitive wage-repression strategy, which is in conflict with the ECB's price stability …
Persistent link: https://www.econbiz.de/10011481632
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Quantitative easing as a policy tool under the effective lower bound
Reza, Abeer; Santor, Eric; Suchanek, Lena - 2015
This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank's balance sheet through...
Persistent link: https://www.econbiz.de/10011384133
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At the crossroads : the euro and its central bank guardian (and savior?)
Bibow, Jörg - 2012
This paper investigates the role of the European Central Bank (ECB) in the (mal-) functioning of Europe's Economic and … Monetary Union (EMU), focusing on the German intellectual and historical traditions behind the euro policy regime and its … controlled by, the state. By contrast, the "Maastricht (EMU) regime" (of German design) positions the central bank as controlling …
Persistent link: https://www.econbiz.de/10009667997
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Europe's quest for monetary stability : central banking gone astray
Bibow, Jörg (contributor) - 2005
This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the "Eurosystem" and its central banking functions, the kind of independence granted to the system and the role of monetary policy...
Persistent link: https://www.econbiz.de/10003229837
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From Antigrowth Bias to Quantitative Easing : The ECB's Belated Conversion?
Bibow, Jörg - 2016
This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the … bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and … attached to the euro area's official competitive wage-repression strategy, which is in conflict with the ECB's price stability …
Persistent link: https://www.econbiz.de/10012989691
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Revealing the Preferences of the US Federal Reserve
Ilbas, Pelin - 2008
We use Bayesian methods to estimate the preferences of the US Federal Reserve by assuming that monetary policy is performed optimally under commitment since the mid-sixties. For this purpose, we distinguish between three subperiods, i.e. the pre-Volcker, the Volcker-Greenspan and the Greenspan...
Persistent link: https://www.econbiz.de/10012723870
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Europe's Quest for Monetary Stability : Central Banking Gone Astray
Bibow, Jörg - 2005
This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the Eurosystem and its central banking functions, the kind of independence granted to the system and the role of monetary policy that...
Persistent link: https://www.econbiz.de/10014062676
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At the Crossroads : The Euro and Its Central Bank Guardian (and Savior?)
Bibow, Jörg - 2012
This paper investigates the role of the European Central Bank (ECB) in the (mal-) functioning of Europe's Economic and … Monetary Union (EMU), focusing on the German intellectual and historical traditions behind the euro policy regime and its … controlled by, the state. By contrast, the “Maastricht (EMU) regime” (of German design) positions the central bank as controlling …
Persistent link: https://www.econbiz.de/10013097219
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The international experience with negative policy rates
Jackson, Harriet - 2015
A key issue in the renewal of the inflation-control agreement is the question of the appropriate level of the inflation target. Many observers have raised concerns that with the reduction in the neutral rate, and the experience of the recent financial crisis, the effective lower bound (ELB) is...
Persistent link: https://www.econbiz.de/10011384127
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Banks' Wealth, Banks Creation of Money, and Central Banking
Wang, Tianxi - 2018
Banks are special in that their liabilities are widely accepted as a means of payment, thereby often needed by real sectors to obtain resources. This paper studies this interaction between the banking sector and real sectors on competitive markets and the policy response of the central bank to...
Persistent link: https://www.econbiz.de/10012920288