Ehrmann - Viessmann European Research Centre
... Eurobarometer survey mistrusting the ECB is above sample mean – Excessive deficit procedure; dummy when procedure in place – Negative growth differential (Alesina and Cukierman 1990, Rogoff and Sibert 1988); dummy if national growth below euro area – Left-wing party (Hibbs 1977, Powell and Whitten 1 ...
... Eurobarometer survey mistrusting the ECB is above sample mean – Excessive deficit procedure; dummy when procedure in place – Negative growth differential (Alesina and Cukierman 1990, Rogoff and Sibert 1988); dummy if national growth below euro area – Left-wing party (Hibbs 1977, Powell and Whitten 1 ...
Primary Money Creation Channels under Instability
... and real economies. We will not get into details of supply and demand for primary money because we are interested primarily for reasons and flows of primary money creation. Discounting already discounted bills of exchange represents a base of central bank refinancing policy. A central bank, by using ...
... and real economies. We will not get into details of supply and demand for primary money because we are interested primarily for reasons and flows of primary money creation. Discounting already discounted bills of exchange represents a base of central bank refinancing policy. A central bank, by using ...
The dangers and drawbacks of the "unconventional monetary policy
... “Quantitative Easing is an outright purchase of assets. It would inject money into the system. Now, QE can be private sector asset-based, or also sovereign-sector, public sector assetbased, or both. The components of today’s measures are predominantly oriented to credit easing. However, it’s quite c ...
... “Quantitative Easing is an outright purchase of assets. It would inject money into the system. Now, QE can be private sector asset-based, or also sovereign-sector, public sector assetbased, or both. The components of today’s measures are predominantly oriented to credit easing. However, it’s quite c ...
Titel
... The D-mark and German unification: myth and reality An experience of life: „one mistake brings on the next“ No political union lax interpretation of the convergence criteria in 1998 (eleven countries) insufficient surveillance by the EU Commission from the start watering down of the Stab ...
... The D-mark and German unification: myth and reality An experience of life: „one mistake brings on the next“ No political union lax interpretation of the convergence criteria in 1998 (eleven countries) insufficient surveillance by the EU Commission from the start watering down of the Stab ...
New Challenges for Monetary Policy, Symposium Proceedings, 1999
... governments were to try to create a “social union,” harmonizing social security systems and standards at a very high level. The ECB will continue to cajole governments into implementing necessary and long overdue reforms, but the final hard decisions—and I acknowledge that they are hard decisions, s ...
... governments were to try to create a “social union,” harmonizing social security systems and standards at a very high level. The ECB will continue to cajole governments into implementing necessary and long overdue reforms, but the final hard decisions—and I acknowledge that they are hard decisions, s ...
Working Paper No. 819
... are treated as coherent agents acting on a cost/benefit basis and pursuing the optimum position) the key question is the following: why do sovereign borrowers comply with the contractual terms much more often than expected? According to the enormous relevant (mainstream) literature,8 sovereign borro ...
... are treated as coherent agents acting on a cost/benefit basis and pursuing the optimum position) the key question is the following: why do sovereign borrowers comply with the contractual terms much more often than expected? According to the enormous relevant (mainstream) literature,8 sovereign borro ...
Monetary policy strategies of the European Central Bank and the
... and also by announcing interest rate targets. It has also followed a course of gradualism, taking the form of very small adjustments of interest rates (usually 25 to 50 basis points) spread out over periods as long as two or even three years to achieve its ultimate interest rate targets. Ironically, ...
... and also by announcing interest rate targets. It has also followed a course of gradualism, taking the form of very small adjustments of interest rates (usually 25 to 50 basis points) spread out over periods as long as two or even three years to achieve its ultimate interest rate targets. Ironically, ...
... to take out a little ‘insurance’ against the dangers of a disruptive unwinding of imbalances. The premium on this insurance policy is a little less inflation today than would otherwise be desired. In this regard the central bank acts to ‘lean against the wind’ of inflating imbalances by raising inte ...
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... factors in order to assess the extent to which some components of the monetary developments are not relevant for future domestic price developments. The revisions to M3, which the ECB made in its publication of monetary data for April, should also be considered in this light. The ECB has recently c ...
... factors in order to assess the extent to which some components of the monetary developments are not relevant for future domestic price developments. The revisions to M3, which the ECB made in its publication of monetary data for April, should also be considered in this light. The ECB has recently c ...
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... The objectives of monetary policy In most industrialised countries it is generally recognised, in the light of the experience gained during the seventies and early eighties, that safeguarding price stability is the best contribution which monetary policy can make to long-run macroeconomic welfare. T ...
... The objectives of monetary policy In most industrialised countries it is generally recognised, in the light of the experience gained during the seventies and early eighties, that safeguarding price stability is the best contribution which monetary policy can make to long-run macroeconomic welfare. T ...
... Europe. A well functioning Banking Union requires a further transfer of important competences towards federal European institutions, focused on the Eurozone member states and the eu member states that have to adopt the euro when they are ready. It also requires sufficient risk sharing, but ideally b ...
Speech by Tsvetan Manchev, BNB Deputy Governor, Member of the
... of the Bulgarian National Bank as “maintaining the price stability by ensuring the stability of the national currency and pursuing a monetary policy in accord with the provisions of this law”. This new definition of the main goal is not in contradiction with maintaining the currency board regime unt ...
... of the Bulgarian National Bank as “maintaining the price stability by ensuring the stability of the national currency and pursuing a monetary policy in accord with the provisions of this law”. This new definition of the main goal is not in contradiction with maintaining the currency board regime unt ...
The Balance of Payments Tells Us the Truth
... countries share the fate of a common exchange rate and common European rules of trade, among other things. The factors that are important for a country’s competitiveness – production costs, distribution services, innovations – are determined at the national level, and in their business dealings with ...
... countries share the fate of a common exchange rate and common European rules of trade, among other things. The factors that are important for a country’s competitiveness – production costs, distribution services, innovations – are determined at the national level, and in their business dealings with ...
how to deal with macroeconomic imbalances?
... imbalances. The adjustment has to come inevitably from individual countries; the ECB can only contribute to contain financial instability and avert disruptions in the financial sector. Yet, this may come at the cost of reducing member states’ incentives to adopt the required corrections. This is a s ...
... imbalances. The adjustment has to come inevitably from individual countries; the ECB can only contribute to contain financial instability and avert disruptions in the financial sector. Yet, this may come at the cost of reducing member states’ incentives to adopt the required corrections. This is a s ...
Solving the Financial and Sovereign Debt Crisis in Europe
... Risk-weighted asset optimisation has made a nonsense of the Basel rules – the so-called Tier 1 ratio, which provides no meaningful constraint on either form of risk. By having nothing to say about the ratio of risk-weighted assets to total assets, the Basel Tier 1 rule controls very little at all.2 ...
... Risk-weighted asset optimisation has made a nonsense of the Basel rules – the so-called Tier 1 ratio, which provides no meaningful constraint on either form of risk. By having nothing to say about the ratio of risk-weighted assets to total assets, the Basel Tier 1 rule controls very little at all.2 ...
Is Europe`s economic stagnation inevitable or policy driven?
... enlightened policy-making. Some argued that purchases of private assets and funding-for-lending type schemes might be more effective than standard quantitative easing in the eurozone, whereas others argued that the situation was so grave that they ECB needed to do both. In addition, it was important ...
... enlightened policy-making. Some argued that purchases of private assets and funding-for-lending type schemes might be more effective than standard quantitative easing in the eurozone, whereas others argued that the situation was so grave that they ECB needed to do both. In addition, it was important ...
vsi10 cbc Lamla 13320745 en
... Market participants use the interest rate decision as well as the communication of the central bank to infer the future path of monetary policy. Very recent studies like Ehrmann und Fratzscher (2009) and Brand et al. (2006) explore the importance of the press conference relative to the announced int ...
... Market participants use the interest rate decision as well as the communication of the central bank to infer the future path of monetary policy. Very recent studies like Ehrmann und Fratzscher (2009) and Brand et al. (2006) explore the importance of the press conference relative to the announced int ...
crisis impact on changes in implementing monetary policy of central
... In Europe, ECB rapidly reduced main financing rate by 50 basis points and until May 2009 all key rates were reduced by 325 basis points. The main financing rate was at 1%, which was the lowest in ECB history. This was still not good enough for improving market liquidity, because of negative growth a ...
... In Europe, ECB rapidly reduced main financing rate by 50 basis points and until May 2009 all key rates were reduced by 325 basis points. The main financing rate was at 1%, which was the lowest in ECB history. This was still not good enough for improving market liquidity, because of negative growth a ...
Three quite distinct difficulties that were built into the monetary union
... German Chancellor Angela Merkel, that seek to give enforceability and credibility to the eurozone targets for deficits and debt, after the repeated earlier failures of the Stability and Growth Pact. The Fiscal Compact is technically in effect as of 2013. It sets deficit targets that are stricter tha ...
... German Chancellor Angela Merkel, that seek to give enforceability and credibility to the eurozone targets for deficits and debt, after the repeated earlier failures of the Stability and Growth Pact. The Fiscal Compact is technically in effect as of 2013. It sets deficit targets that are stricter tha ...
The Negative Rate Chrono-Synclastic Infundibula
... The most interesting impact followed the reduction of the deposit rate to zero effective July 11 2012. From that point onward, there was no incentive to transfer excess current account deposits into the deposit account—both yielded zero. As is evident, banks immediately began to allow funds to remai ...
... The most interesting impact followed the reduction of the deposit rate to zero effective July 11 2012. From that point onward, there was no incentive to transfer excess current account deposits into the deposit account—both yielded zero. As is evident, banks immediately began to allow funds to remai ...
Preview - American Economic Association
... right directions in 2012. One of them was the decision to move banking supervision functions from the national level to the level of the European Central Bank, though Germany has resisted moving supervision of all banks to the ECB level. The stress tests by the European Bank Authority in 2014 and si ...
... right directions in 2012. One of them was the decision to move banking supervision functions from the national level to the level of the European Central Bank, though Germany has resisted moving supervision of all banks to the ECB level. The stress tests by the European Bank Authority in 2014 and si ...
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... not much lower than that of Portugal and much higher compared to Spain. As a result of fiscal deterioration in the largest member states the entire EU debt reached a level close to 80 percent of its GDP ...
... not much lower than that of Portugal and much higher compared to Spain. As a result of fiscal deterioration in the largest member states the entire EU debt reached a level close to 80 percent of its GDP ...
OECD Conference on Micro-data
... • Statistics on financial stocks and flows broken down by institutional sector and broad class of financial instrument are essential for the conduct of monetary policy • Microeconomic analysis of financial markets, focusing on specific instruments and markets, is growing in importance (e.g. : risks ...
... • Statistics on financial stocks and flows broken down by institutional sector and broad class of financial instrument are essential for the conduct of monetary policy • Microeconomic analysis of financial markets, focusing on specific instruments and markets, is growing in importance (e.g. : risks ...
I. International Developments 1
... medium and long term. External financing conditions are likely to follow a fluctuating course in emerging economies in the upcoming period due to the decline in global liquidity as well as new financial regulations to be introduced, which will lead the banks to be more cautious. Therefore, the econo ...
... medium and long term. External financing conditions are likely to follow a fluctuating course in emerging economies in the upcoming period due to the decline in global liquidity as well as new financial regulations to be introduced, which will lead the banks to be more cautious. Therefore, the econo ...
European Central Bank
The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the Eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the world's most important central banks and is one of the seven institutions of the European Union (EU) listed in the Treaty on European Union (TEU). The capital stock of the bank is owned by the central banks of all 28 EU member states. The Treaty of Amsterdam established the bank in 1998, and it is headquartered in Frankfurt, Germany. As of 2015 the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, and former managing director of the Goldman Sachs international division (2002–2005). The bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters. The owners and shareholders of the European Central Bank are the central banks of the 28 member states of the EU.The primary objective of the European Central Bank, as mandated in Article 2 of the Statute of the ECB, is to maintain price stability within the Eurozone. The basic tasks, as defined in Article 3 of the Statute, are to define and implement the monetary policy for the Eurozone, to conduct foreign exchange operations, to take care of the foreign reserves of the European System of Central Banks and operation of the financial market infrastructure under the TARGET2 payments system and the technical platform (currently being developed) for settlement of securities in Europe (TARGET2 Securities). The ECB has, under Article 16 of its Statute, the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand (upon the introduction of the euro, the ECB also had exclusive right to issue coins).The ECB is governed by European law directly, but its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital. Its capital is five billion euro held by the national central banks of the member states as shareholders. The initial capital allocation key was determined in 1998 on the basis of the states' population and GDP, but the key is adjustable. Shares in the ECB are not transferable and cannot be used as collateral.