CEEC – Transition and Enlargement
... • The Eurosystem controls EONIA by establishing a ceiling, a floor and steering the market in-between • The floor: the rate at which the Eurosystem accepts deposits (the deposit facility) • The ceiling: the rate at which the Eurosystem stands ready to lend to banks (the marginal ...
... • The Eurosystem controls EONIA by establishing a ceiling, a floor and steering the market in-between • The floor: the rate at which the Eurosystem accepts deposits (the deposit facility) • The ceiling: the rate at which the Eurosystem stands ready to lend to banks (the marginal ...
Dollarization in Tanzania
... a year and maintained an average annual increase of around 2 percentage points per annum, reaching a peak of about 33.5 percent in 2003. In absolute terms, foreign currency deposits in 1992 stood at Tsh 16,957 million but rose sharply to Tsh 306,606 million in 2000 and in December 2009 the total pri ...
... a year and maintained an average annual increase of around 2 percentage points per annum, reaching a peak of about 33.5 percent in 2003. In absolute terms, foreign currency deposits in 1992 stood at Tsh 16,957 million but rose sharply to Tsh 306,606 million in 2000 and in December 2009 the total pri ...
- International Growth Centre
... a year and maintained an average annual increase of around 2 percentage points per annum, reaching a peak of about 33.5 percent in 2003. In absolute terms, foreign currency deposits in 1992 stood at Tsh 16,957 million but rose sharply to Tsh 306,606 million in 2000 and in December 2009 the total pri ...
... a year and maintained an average annual increase of around 2 percentage points per annum, reaching a peak of about 33.5 percent in 2003. In absolute terms, foreign currency deposits in 1992 stood at Tsh 16,957 million but rose sharply to Tsh 306,606 million in 2000 and in December 2009 the total pri ...
With it*s main objective to maintain price stability for the medium to
... analysis with respect to potential risks for future inflation. The role of monetary aggregates as inflation indicator variables might even be further amplified in the future as data about monetary aggregates will become available sooner and will be less subject to data revisions. Second, money dema ...
... analysis with respect to potential risks for future inflation. The role of monetary aggregates as inflation indicator variables might even be further amplified in the future as data about monetary aggregates will become available sooner and will be less subject to data revisions. Second, money dema ...
A Brief Survey of Dutch Monetary Policy in the Post-war Period1
... Dutch monetary policy has been described as “Moderate Monetarism”, since it clearly contained elements of monetarism as later developed by Friedman and others. In particular, money played a central role in policymaking, far more so than in most other countries which on the whole adopted a more Keyne ...
... Dutch monetary policy has been described as “Moderate Monetarism”, since it clearly contained elements of monetarism as later developed by Friedman and others. In particular, money played a central role in policymaking, far more so than in most other countries which on the whole adopted a more Keyne ...
Comparing fiscal multipliers across models and - ECB
... reflecting the limited impact of a country-specific fiscal shock on the euro area economy. In contrast, the ZLB unfolds quite sizeable effects on the size of multipliers if the fiscal shocks are simultaneously implemented in the euro area as a whole. In particular, short-run government consumption m ...
... reflecting the limited impact of a country-specific fiscal shock on the euro area economy. In contrast, the ZLB unfolds quite sizeable effects on the size of multipliers if the fiscal shocks are simultaneously implemented in the euro area as a whole. In particular, short-run government consumption m ...
ANNUAL REPORT (July 1990 - December 1991) April 1992
... was beneficial for business decisions and contributed to stable conditions in financial markets. It also allowed countries with sluggish economic activity and low or rapidly falling rates of inflation to reduce interest rates in the first half of 1991 towards German levels. However, there were limit ...
... was beneficial for business decisions and contributed to stable conditions in financial markets. It also allowed countries with sluggish economic activity and low or rapidly falling rates of inflation to reduce interest rates in the first half of 1991 towards German levels. However, there were limit ...
DANIEL AMOAH_Feasibility Study of a Single Currency
... The formation of a Monetary Union by the West African Monetary Zone has been in pursuance for more than a decade. The WAMZ is made up of six countries in West Africa; The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. One significant benefit from using a common currency is the lower costs ...
... The formation of a Monetary Union by the West African Monetary Zone has been in pursuance for more than a decade. The WAMZ is made up of six countries in West Africa; The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. One significant benefit from using a common currency is the lower costs ...
Trends in cryptocurrencies and blockchain technologies: a monetary
... It has been 20 years since Bill Gates opined: “Banking is essential, banks are not.” The early 21st century has seen a proliferation of financial technology (FinTech) firms, providing a wide and varied array of services, from payments and local and international money transmission to financing throu ...
... It has been 20 years since Bill Gates opined: “Banking is essential, banks are not.” The early 21st century has seen a proliferation of financial technology (FinTech) firms, providing a wide and varied array of services, from payments and local and international money transmission to financing throu ...
Alternatives To Government Fiat Money
... however, are not subject to the democratic process: there are no direct elections to force them out of office, Combined with the lack of any market discipline, Fed officials continue to exercise broad discretionary power. Moreover, by conducting its policy meetings in secret and reporting its action ...
... however, are not subject to the democratic process: there are no direct elections to force them out of office, Combined with the lack of any market discipline, Fed officials continue to exercise broad discretionary power. Moreover, by conducting its policy meetings in secret and reporting its action ...
NBER WORKING PAPER SERIES Russell Cooper Hubert Kempf
... official arguments in favor of EMU. These same point reappear in the analysis of the proposed North American Monetary Union as discussed by Buiter [1999]. 3Designers of monetary unions have been cognizant of these issues. For the EMU, the Maastricht treaty contains several clauses specifying in deta ...
... official arguments in favor of EMU. These same point reappear in the analysis of the proposed North American Monetary Union as discussed by Buiter [1999]. 3Designers of monetary unions have been cognizant of these issues. For the EMU, the Maastricht treaty contains several clauses specifying in deta ...
Is the real money gap a predictor of inflation in Europe
... to be collinear. Eventually, we find the expected positive sign for the real effective exchange rate and this suggests a negative impact on money demand of a depreciating currency. This plays in favour of the currency substitution hypothesis. As shown by the panel cointegration tests, a cointegratio ...
... to be collinear. Eventually, we find the expected positive sign for the real effective exchange rate and this suggests a negative impact on money demand of a depreciating currency. This plays in favour of the currency substitution hypothesis. As shown by the panel cointegration tests, a cointegratio ...
The Dynamics of Currency Substitution, Asset Substitution and De
... (CDI) and separate indices of currency substitution (CSI) and asset substitution (ASI). When the CDI is compared to the traditional dollarization index (DI) that relies solely on foreign currency deposits as a proxy for the extent of dollarization, I find that the comprehensive dollarization measure ...
... (CDI) and separate indices of currency substitution (CSI) and asset substitution (ASI). When the CDI is compared to the traditional dollarization index (DI) that relies solely on foreign currency deposits as a proxy for the extent of dollarization, I find that the comprehensive dollarization measure ...
01.07 - Study Center Gerzensee
... other hand, international competition will be strong when the market share of the exporting country is low and its goods are close substitutes with those of foreign competitors. In that case exporting firms are more likely to price in the currencies of their foreign competitors. There is some eviden ...
... other hand, international competition will be strong when the market share of the exporting country is low and its goods are close substitutes with those of foreign competitors. In that case exporting firms are more likely to price in the currencies of their foreign competitors. There is some eviden ...
F inancial dollarization
... Although the literature on dollarization is very vast, it leaves some important issues unaddressed. While there is a general presumption that dollarization restricts the scope for independent monetary and exchange rate policies, few attempts have ...
... Although the literature on dollarization is very vast, it leaves some important issues unaddressed. While there is a general presumption that dollarization restricts the scope for independent monetary and exchange rate policies, few attempts have ...
SINZIYA SIGAUKE RE - Midlands State University
... There are a number of reasons that led to the collapse of the Zimbabwean economy for almost a decade prior to February 2009. Zimbabwe experienced the dramatic rise of hyperinflationary which led millions of Zimbabweans abandoning the country to find greener pastures somewhere across the globe. In re ...
... There are a number of reasons that led to the collapse of the Zimbabwean economy for almost a decade prior to February 2009. Zimbabwe experienced the dramatic rise of hyperinflationary which led millions of Zimbabweans abandoning the country to find greener pastures somewhere across the globe. In re ...
WORKING PAPER SERIES A MONETARY POLICY STRATEGY IN GOOD
... Second, the great recession has led to an unprecedented use of non-standard monetary policy tools for two reasons. First, central banks had to intervene in financial markets to avoid that liquidity problems turned into solvency problems with an eventual breakdown of the monetary transmission mechani ...
... Second, the great recession has led to an unprecedented use of non-standard monetary policy tools for two reasons. First, central banks had to intervene in financial markets to avoid that liquidity problems turned into solvency problems with an eventual breakdown of the monetary transmission mechani ...
The performance and robustness of interest-rate rules in
... The findings of our analysis are broadly consistent with the results documented for models of the U.S. economy: backward-looking models require relatively more aggressive policies with at most moderate inertia; rules that are optimised for such models tend to perform reasonably well in forward-looki ...
... The findings of our analysis are broadly consistent with the results documented for models of the U.S. economy: backward-looking models require relatively more aggressive policies with at most moderate inertia; rules that are optimised for such models tend to perform reasonably well in forward-looki ...
Chi-squared tests of interval and density forecasts, and the
... paper to refer to Pearson’s chi-squared statistic, memorable to multitudes of students as the formula Σ (O − E ) 2 / E . Asymptotically it has the χ 2 distribution under the null hypothesis. For samples of the size occurring in macroeconomic forecasting we also consider the calculation of exact P-v ...
... paper to refer to Pearson’s chi-squared statistic, memorable to multitudes of students as the formula Σ (O − E ) 2 / E . Asymptotically it has the χ 2 distribution under the null hypothesis. For samples of the size occurring in macroeconomic forecasting we also consider the calculation of exact P-v ...
Can Currency Competition Work? - Penn Economics
... promises in this market. As a result, a medium of exchange is essential to achieve allocations that we could not achieve without it. In a typical monetary model, a medium of exchange is supplied in the form of a government-issued fiat currency, with the government following a monetary policy rule (e ...
... promises in this market. As a result, a medium of exchange is essential to achieve allocations that we could not achieve without it. In a typical monetary model, a medium of exchange is supplied in the form of a government-issued fiat currency, with the government following a monetary policy rule (e ...
mmi06 sturm 1923488 en
... distinguished in two (not mutually exclusive) groups of studies. The first group consists of studies examining communication strategies of central banks (e.g. Blinder et al., 2001 and Ehrmann and Fratzscher, 2005), while the second group consists of studies in which the effect of communication on fi ...
... distinguished in two (not mutually exclusive) groups of studies. The first group consists of studies examining communication strategies of central banks (e.g. Blinder et al., 2001 and Ehrmann and Fratzscher, 2005), while the second group consists of studies in which the effect of communication on fi ...
has no case
... The case of Greece’s banks During the first half of 2015 the ECB’s Governing Council made decisions that raised important questions about the ECB’s independence as well as about the extent to which democratic principles are upheld within the EU. Three were the pivotal decisions, or moments, during ...
... The case of Greece’s banks During the first half of 2015 the ECB’s Governing Council made decisions that raised important questions about the ECB’s independence as well as about the extent to which democratic principles are upheld within the EU. Three were the pivotal decisions, or moments, during ...
What drives euro area break-even inflation rates?
... recent years, measures of the BEIR are now widely available and provide timely information about in‡ation expectations over a large number of horizons. Central banks, market participants and media regularly discuss changes in BEIRs, but their interpretation in the context of the macroeconomic and …n ...
... recent years, measures of the BEIR are now widely available and provide timely information about in‡ation expectations over a large number of horizons. Central banks, market participants and media regularly discuss changes in BEIRs, but their interpretation in the context of the macroeconomic and …n ...
One Nation Under the Fed? The Asymmetric Effects of U.S.
... and Rocky Mountain regions—is the least affected. Owyang and Wall (2006) estimate the impact of monetary policy shocks on 19 sub-BEA regions. These regions consist of two to four states each and are all estimated in one VAR. Here, the VAR includes real personal income, the CPI, the federal funds rat ...
... and Rocky Mountain regions—is the least affected. Owyang and Wall (2006) estimate the impact of monetary policy shocks on 19 sub-BEA regions. These regions consist of two to four states each and are all estimated in one VAR. Here, the VAR includes real personal income, the CPI, the federal funds rat ...
6. Conclusions
... The thesis is organized as follows: chapter two will make a literature review of monetary policy issues and a presentation of Taylor rules. Chapter three will present monetary policy issues from a practical perspective and will make an introduction to the monetary policy of the ECB and the Bundesban ...
... The thesis is organized as follows: chapter two will make a literature review of monetary policy issues and a presentation of Taylor rules. Chapter three will present monetary policy issues from a practical perspective and will make an introduction to the monetary policy of the ECB and the Bundesban ...
History of the euro
The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark (even though Denmark has a fixed exchange rate policy with the euro).In 1999 the currency was born virtually and in 2002 notes and coins began to circulate. It rapidly took over from the former national currencies and slowly expanded behind the rest of the EU. In 2009 the Lisbon Treaty finalised its political authority, the Eurogroup, alongside the European Central Bank.