EUROPEAN ECONOMIC INTEGRATION AND THE FRANC ZONE
... The FZ as it is known today is the framework for monetary co-operation between France and her former colonies in Western and Central Africa. This co-operation was institutionalized after the colonies achieved independence in the 1960s. Originally, the FZ was a wider area which included parts of Indo ...
... The FZ as it is known today is the framework for monetary co-operation between France and her former colonies in Western and Central Africa. This co-operation was institutionalized after the colonies achieved independence in the 1960s. Originally, the FZ was a wider area which included parts of Indo ...
The Welfare effects of an East Africa Community Currency Area
... We develop a (Barro and Gordon 1983) type model where the preferences of the central banks of a group of countries considering monetary union are state contingent and thus not known to policy makers a priori as in (Demertzis and Hallett 2004). This could arise from a lack of independence such that t ...
... We develop a (Barro and Gordon 1983) type model where the preferences of the central banks of a group of countries considering monetary union are state contingent and thus not known to policy makers a priori as in (Demertzis and Hallett 2004). This could arise from a lack of independence such that t ...
The Domestic Institutional Sources of Monetary Integration in the
... bargaining, which does vary a great deal across European economies. According the the main argument, a high degree of commercial integration should be associated with stronger preferences for monetary unification only in countries in which there is high degree of wage bargaining coordination, but mu ...
... bargaining, which does vary a great deal across European economies. According the the main argument, a high degree of commercial integration should be associated with stronger preferences for monetary unification only in countries in which there is high degree of wage bargaining coordination, but mu ...
The Price-Price Phillips Curve in Small Open Economies and
... The …rst contribution interpreted a negative cross-country relationship between trade openness and the in‡ation rate as the outcome of reduced gains for in‡ationary policy-making resulting from negative terms-of-trade e¤ects of domestic output expansions. The second contribution stressed that in‡ati ...
... The …rst contribution interpreted a negative cross-country relationship between trade openness and the in‡ation rate as the outcome of reduced gains for in‡ationary policy-making resulting from negative terms-of-trade e¤ects of domestic output expansions. The second contribution stressed that in‡ati ...
price stability - ECB
... C. Rogers, P. Sandars, D. Schackis, H. J. Schlösser, G. Vitale, C. Zilioli. ...
... C. Rogers, P. Sandars, D. Schackis, H. J. Schlösser, G. Vitale, C. Zilioli. ...
P R I C E S TA B I L... W H Y I S I T I M P... F O R YO U ?
... C. Rogers, P. Sandars, D. Schackis, H. J. Schlösser, G. Vitale, C. Zilioli. ...
... C. Rogers, P. Sandars, D. Schackis, H. J. Schlösser, G. Vitale, C. Zilioli. ...
Currency Strategy 2015-09
... status: while some surplus countries have appreciated (EUR, SEK, JPY, CHF) deficit countries have given ground (USD, GBP and commodity currencies). Although an interesting thesis we have failed to find strong evidence this is the case. We therefore still regard the current account as less important ...
... status: while some surplus countries have appreciated (EUR, SEK, JPY, CHF) deficit countries have given ground (USD, GBP and commodity currencies). Although an interesting thesis we have failed to find strong evidence this is the case. We therefore still regard the current account as less important ...
Escaping from a Liquidity Trap and Deflation: The
... inflation was high, central banks would often promise low future inflation, but the private sector often paid little attention. Often, high inflation continued to rule. Similarly, if a central bank in a liquidity trap promises high inflation in the future, the private sector may doubt either the abi ...
... inflation was high, central banks would often promise low future inflation, but the private sector often paid little attention. Often, high inflation continued to rule. Similarly, if a central bank in a liquidity trap promises high inflation in the future, the private sector may doubt either the abi ...
Money demand and the role of monetary indicators in
... monetary aggregates if inflation is predicted for a two year-period. Kaufmann and Kugler (2008) detected a robust cointegration relationship between money growth and inflation. Shocks in M3 growth account for a substantial part of the inflation forecast error variance. The effects of output gap and ...
... monetary aggregates if inflation is predicted for a two year-period. Kaufmann and Kugler (2008) detected a robust cointegration relationship between money growth and inflation. Shocks in M3 growth account for a substantial part of the inflation forecast error variance. The effects of output gap and ...
CURRENCY COMPETITION VERSUS GOVERNMENTAL MONEY MONOPOLIES Roland Vaubel
... German public and foreign monetary authorities that everything had to be done to prevent the mark from taking over a larger part of the dollar’s position as an international currency, especially as an official reserve currency.8 Typically, central bankers object to international currency competition ...
... German public and foreign monetary authorities that everything had to be done to prevent the mark from taking over a larger part of the dollar’s position as an international currency, especially as an official reserve currency.8 Typically, central bankers object to international currency competition ...
Exchange Rate Theories
... international reserve flows, yet some sterilization is possible, in which case b will lie between 0 and 1. Evidence has, in fact, suggested both extremes as well as intermediate values for b. It is reasonable to interpret the evidence regarding sterilization as indicating that central banks are able ...
... international reserve flows, yet some sterilization is possible, in which case b will lie between 0 and 1. Evidence has, in fact, suggested both extremes as well as intermediate values for b. It is reasonable to interpret the evidence regarding sterilization as indicating that central banks are able ...
B 09 2003 - Universität Mannheim
... bank money – cannot set the refinancing conditions to credit institutions in EMU. The latter are determined by the Council of Governors of the Eurosystem, while the main refinancing operations are executed by the NCBs leaving to the ECB the role of vicarious agent. The ECB can neither control all ty ...
... bank money – cannot set the refinancing conditions to credit institutions in EMU. The latter are determined by the Council of Governors of the Eurosystem, while the main refinancing operations are executed by the NCBs leaving to the ECB the role of vicarious agent. The ECB can neither control all ty ...
Foreign reserves management subject to a policy objective
... This paper examines the effects that arise from having an explicit policy objective to foreign reserves management at a central bank and studies the implications this has for the optimal reserves allocation. An optimization model is developed capturing the interplay between foreign reserve managemen ...
... This paper examines the effects that arise from having an explicit policy objective to foreign reserves management at a central bank and studies the implications this has for the optimal reserves allocation. An optimization model is developed capturing the interplay between foreign reserve managemen ...
Threshold Models for Monetary Policy Rules for the Euro Area
... (US, Japan and Germany) in the setting of short term nominal interest rate. After that they examine the monetary policy behavior of three main European countries (Italy, France and UK). Their results for the first set of countries support the argument for price stability through the adoption of a fo ...
... (US, Japan and Germany) in the setting of short term nominal interest rate. After that they examine the monetary policy behavior of three main European countries (Italy, France and UK). Their results for the first set of countries support the argument for price stability through the adoption of a fo ...
2. Economic catching-up within the euro area
... output adjustment may follow, even though the equilibrium level of employment may increase and structural unemployment may be lower. Indeed, a second dimension of the wage formation mechanisms concerns the impact of economic and monetary union on equilibrium real wages (measured in labour efficienc ...
... output adjustment may follow, even though the equilibrium level of employment may increase and structural unemployment may be lower. Indeed, a second dimension of the wage formation mechanisms concerns the impact of economic and monetary union on equilibrium real wages (measured in labour efficienc ...
Unconventional monetary policy of the ECB during the
... directly, but followed an indirect approach of influencing money demand by varying key money market rates and bank reserves (two-stage implementation procedure). Thirdly, the Bundesbank made it clear from the beginning that it could not and would not promise to reach the monetary target with any deg ...
... directly, but followed an indirect approach of influencing money demand by varying key money market rates and bank reserves (two-stage implementation procedure). Thirdly, the Bundesbank made it clear from the beginning that it could not and would not promise to reach the monetary target with any deg ...
Understanding deflation - European Parliament
... and then again between the two World Wars. There have been fewer episodes of deflation since. A recent paper by the Bank of International Settlements (BIS) examined deflation in 38 countries over the past 140 years. The authors concluded that, even though deflation and economic depression may coexis ...
... and then again between the two World Wars. There have been fewer episodes of deflation since. A recent paper by the Bank of International Settlements (BIS) examined deflation in 38 countries over the past 140 years. The authors concluded that, even though deflation and economic depression may coexis ...
The economics of digital currencies
... ‘distributed ledger’, which allows a digital currency to be used in a decentralised payment system. Any digital record of currency opens up the possibility that it may be copied and spent more than once. With conventional bank deposits, banks hold the digital record and are trusted to ensure its val ...
... ‘distributed ledger’, which allows a digital currency to be used in a decentralised payment system. Any digital record of currency opens up the possibility that it may be copied and spent more than once. With conventional bank deposits, banks hold the digital record and are trusted to ensure its val ...
The economics of digital currencies
... ‘distributed ledger’, which allows a digital currency to be used in a decentralised payment system. Any digital record of currency opens up the possibility that it may be copied and spent more than once. With conventional bank deposits, banks hold the digital record and are trusted to ensure its val ...
... ‘distributed ledger’, which allows a digital currency to be used in a decentralised payment system. Any digital record of currency opens up the possibility that it may be copied and spent more than once. With conventional bank deposits, banks hold the digital record and are trusted to ensure its val ...
2008 CBFSAI Annual Report
... liquidity and rapid credit expansion, and ultimately many financial assets became mispriced. Looking at the evolution of the global financial crisis during 2008, it is possible to identify three distinct phases: early 2008, March to mid-September, and mid-September onwards. In contrast to late 2007, ...
... liquidity and rapid credit expansion, and ultimately many financial assets became mispriced. Looking at the evolution of the global financial crisis during 2008, it is possible to identify three distinct phases: early 2008, March to mid-September, and mid-September onwards. In contrast to late 2007, ...
MONETARY REFORM THE CASE GOLD Convertibility, Monetary Overhang,
... perpetual budgetary hemorrhage and “soft budget” financing of state enterprises is stopped (this is why supply-side tax policies and privatization are so essential). By some estimates, the stock of rubles (measured by exchange rates that often priced the ruble below purchasing power parity) was wort ...
... perpetual budgetary hemorrhage and “soft budget” financing of state enterprises is stopped (this is why supply-side tax policies and privatization are so essential). By some estimates, the stock of rubles (measured by exchange rates that often priced the ruble below purchasing power parity) was wort ...
MONETARY POLICY TRANSMISSION MECHANISM IN ROMANIA
... policy. Moreover, in a monetary union it is important to have a similar business cycle and a unitary monetary mechanism transmission for all the countries. Only in such a context a single currency will have positive effects on price level and on other important macroeconomic variables. Cogley and Sa ...
... policy. Moreover, in a monetary union it is important to have a similar business cycle and a unitary monetary mechanism transmission for all the countries. Only in such a context a single currency will have positive effects on price level and on other important macroeconomic variables. Cogley and Sa ...
mmi14-Stratmann 19106659 en
... on the effect of exchange rate regimes and their interactions with fiscal policy on the spreads are scarce (for an exception see Jahjah et al 2013). However, the relevance of exchange rate arrangements in the determination of sovereign interest rates is particularly evident if one considers what hap ...
... on the effect of exchange rate regimes and their interactions with fiscal policy on the spreads are scarce (for an exception see Jahjah et al 2013). However, the relevance of exchange rate arrangements in the determination of sovereign interest rates is particularly evident if one considers what hap ...
Cash, freedom and crime: Use and impact of cash in
... depositors can, and did, also withdraw their money by credit transfers to other ...
... depositors can, and did, also withdraw their money by credit transfers to other ...
- Institute of Economic Affairs
... and low, and act consistently whatever the circumstances. They argue that monetary policy must have only one target: avoiding a high rate of inflation. Monetary authorities then provide reliable information to markets and they avoid the instability which is inherent in discretionary monetary policy. ...
... and low, and act consistently whatever the circumstances. They argue that monetary policy must have only one target: avoiding a high rate of inflation. Monetary authorities then provide reliable information to markets and they avoid the instability which is inherent in discretionary monetary policy. ...
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.