Low inflation in the euro area: Causes and
... Since the Great Recession, inflation worldwide has become more difficult to understand, and economists speak of a twin puzzle. First, inflation was expected to be lower between 2009 and end-2011, given the severity and length of the recession in most advanced economies (missing disinflation). Second ...
... Since the Great Recession, inflation worldwide has become more difficult to understand, and economists speak of a twin puzzle. First, inflation was expected to be lower between 2009 and end-2011, given the severity and length of the recession in most advanced economies (missing disinflation). Second ...
Monetary Analysis: Tools and Applications
... and the price level. Monetary developments may be subject to a host of special influences and distortions which render the relationship between money and prices complex in the short run. Extracting the stable long-run relationship – say between euro area M3 and the euro area price level – from short ...
... and the price level. Monetary developments may be subject to a host of special influences and distortions which render the relationship between money and prices complex in the short run. Extracting the stable long-run relationship – say between euro area M3 and the euro area price level – from short ...
International Reserves and Foreign Currency Liquidity
... This book is an update of the International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template (Guidelines) issued in 2001. It sets forth the underlying framework for the Data Template on International Reserves and Foreign Currency Liquidity (Reserves Data Template) and provides ...
... This book is an update of the International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template (Guidelines) issued in 2001. It sets forth the underlying framework for the Data Template on International Reserves and Foreign Currency Liquidity (Reserves Data Template) and provides ...
The Concept of Monetary Sovereignty Revisited
... Approaching the concept of monetary sovereignty that way invites the undertaking of judgements over the degree to which a given state, the members of a monetary union, or the international community as a whole should be considered as having preserved or as having lost their respective monetary sover ...
... Approaching the concept of monetary sovereignty that way invites the undertaking of judgements over the degree to which a given state, the members of a monetary union, or the international community as a whole should be considered as having preserved or as having lost their respective monetary sover ...
Inflation Expectations and Monetary Policy Surprises
... policymaker, which has been traditionally used in the literature. In addition, we estimate monetary policy surprises that allow for individuals to have potentially less information based on their stated beliefs.10 It should be pointed out that the often used assumption that individuals are as inform ...
... policymaker, which has been traditionally used in the literature. In addition, we estimate monetary policy surprises that allow for individuals to have potentially less information based on their stated beliefs.10 It should be pointed out that the often used assumption that individuals are as inform ...
The European Central Bank - History, role and functions, October 2004
... mode. Ten years ago the European Monetary Institute (EMI), the forerunner of the ECB, started to prepare, together with the NCBs of the European Union, the future European central banking system and its leader, the ECB. Only five years later, the ECB, as the captain of the Eurosystem team, took over ...
... mode. Ten years ago the European Monetary Institute (EMI), the forerunner of the ECB, started to prepare, together with the NCBs of the European Union, the future European central banking system and its leader, the ECB. Only five years later, the ECB, as the captain of the Eurosystem team, took over ...
The Bitcoin Revolution
... close to the ratio implied by magnitudes of Bitcoin and Visa daily transactions averaged over the most recent 12 months as reported on August 7, 2014, by the coinometrics.com web site. These magnitudes are $57.3 million and $16,518 million, so the implied ratio is 0.00345. Alternatively, in terms of ...
... close to the ratio implied by magnitudes of Bitcoin and Visa daily transactions averaged over the most recent 12 months as reported on August 7, 2014, by the coinometrics.com web site. These magnitudes are $57.3 million and $16,518 million, so the implied ratio is 0.00345. Alternatively, in terms of ...
Challenges of COMESA Monetary Integration
... requirements, discount rates and open market operations and; ...
... requirements, discount rates and open market operations and; ...
consumers` inflation expectations and monetary policy in europe
... that consumers perceive to have occurred in the past 12 months. In order to obtain actual values for these variables, it is necessary to make two additional assumptions. First, the form of the aggregate density function must be known (except for its first and second moments). Without access to data ...
... that consumers perceive to have occurred in the past 12 months. In order to obtain actual values for these variables, it is necessary to make two additional assumptions. First, the form of the aggregate density function must be known (except for its first and second moments). Without access to data ...
National Bank of the Republic of Macedonia
... for the period 1996-2013 amounted 2.3%, which is close to the average level of inflation in the EU countries and is a great advantage as compared to other transition countries inflation records. In order to sustain the stability of the exchange rate the NBRM performs direct interventions on the fore ...
... for the period 1996-2013 amounted 2.3%, which is close to the average level of inflation in the EU countries and is a great advantage as compared to other transition countries inflation records. In order to sustain the stability of the exchange rate the NBRM performs direct interventions on the fore ...
Exchange Rates, Economic Integration and the International
... whose consequences can be severe, but whose causes are not always fully understood. These shocks have given rise to skepticism about the viability of certain exchange-rate regimes and have stimulated a renewed search for alternative institutional and policy structures. The increasing integration of ...
... whose consequences can be severe, but whose causes are not always fully understood. These shocks have given rise to skepticism about the viability of certain exchange-rate regimes and have stimulated a renewed search for alternative institutional and policy structures. The increasing integration of ...
Money, Liquidity, Credit, and Debt
... financial instruments that can be converted into the medium of exchange at short notice without incurring a significant loss on the amount initially invested by the current holder. Financial instruments included in broad money must be both liquid and a reliable store of value, and, with a few possib ...
... financial instruments that can be converted into the medium of exchange at short notice without incurring a significant loss on the amount initially invested by the current holder. Financial instruments included in broad money must be both liquid and a reliable store of value, and, with a few possib ...
Seminar Paper No. 643 MONEY GROWTH TARGETING by Jürgen von Hagen
... rate dynamics. Almeida and Goodhart (1996) find no significant change in the conduct of interest rate policies of six inflation-targeting central banks. Do monetary policy strategies not matter after all? A simple answer is that central banks in practice do not adhere to “pure” strategies (Svensson, ...
... rate dynamics. Almeida and Goodhart (1996) find no significant change in the conduct of interest rate policies of six inflation-targeting central banks. Do monetary policy strategies not matter after all? A simple answer is that central banks in practice do not adhere to “pure” strategies (Svensson, ...
Money and Credit Overhang in the Euro Area
... The money demand function provides a theoretical framework for the relation between monetary aggregates, real activity and financial markets. The stability of money demand plays a dominant role in discussions on the appropriate form of monetary policy. There is a substantial empirical literature on ...
... The money demand function provides a theoretical framework for the relation between monetary aggregates, real activity and financial markets. The stability of money demand plays a dominant role in discussions on the appropriate form of monetary policy. There is a substantial empirical literature on ...
Monetary discretion, pricing complementary and dynamic
... the possibility of endogenous fluctuations in inflation and real activity that are not related to the economy’s fundamentals. We illustrate this possibility within a simple dynamic macroeconomic model that has important New Keynesian features: (i) monopolistic competition, making output inefficiently ...
... the possibility of endogenous fluctuations in inflation and real activity that are not related to the economy’s fundamentals. We illustrate this possibility within a simple dynamic macroeconomic model that has important New Keynesian features: (i) monopolistic competition, making output inefficiently ...
Full Text
... on foreign currency in circulation are usually unavailable, however, dollarization ratios in practice are typically measured as the ratio of foreign currency deposits to broad money. In this paper, we diverge from this practice by presenting a new source of data of dollar currency in circulation, ba ...
... on foreign currency in circulation are usually unavailable, however, dollarization ratios in practice are typically measured as the ratio of foreign currency deposits to broad money. In this paper, we diverge from this practice by presenting a new source of data of dollar currency in circulation, ba ...
Ch. 21 - Weber State University
... (a) produce serious recessions in which output falls and unemployment rises. (b) lead to deflation, which, in turn, can help trigger financial crises. (c) lead to inflation, which decreases the efficiency of the economy. (d) do all of the above. (e) do only (a) and (b) of the above. Answer: Question ...
... (a) produce serious recessions in which output falls and unemployment rises. (b) lead to deflation, which, in turn, can help trigger financial crises. (c) lead to inflation, which decreases the efficiency of the economy. (d) do all of the above. (e) do only (a) and (b) of the above. Answer: Question ...
Maintaining Low Inflation: Money, Interest Rates, and Policy Stance
... avoid drifting away from a given inflation range or from a steady-state to another steady-state, policymakers thus need to think in terms of where to set i in order to attain a given target, and not merely deviations from target, which amounts to a consideration of cyclical policy only. In addressin ...
... avoid drifting away from a given inflation range or from a steady-state to another steady-state, policymakers thus need to think in terms of where to set i in order to attain a given target, and not merely deviations from target, which amounts to a consideration of cyclical policy only. In addressin ...
a. introduction - COMESA Monetary Institute (CMI)
... The Governor of the Central Bank of Madagascar, Mr. Gaston E. Ravelojaona welcomed His Excellency Mr. Jacques Sylla, the Prime Minister and Chief of Government of the Republic of Madagascar and COMESA Governors of Central Banks. In his welcoming remarks he stated that Madagascar was honoured to host ...
... The Governor of the Central Bank of Madagascar, Mr. Gaston E. Ravelojaona welcomed His Excellency Mr. Jacques Sylla, the Prime Minister and Chief of Government of the Republic of Madagascar and COMESA Governors of Central Banks. In his welcoming remarks he stated that Madagascar was honoured to host ...
Monetary Policy Shocks from the EU and Munich Personal RePEc Archive
... as poor countries have become more financially integrated with world markets. Despite the relevance of this question, puzzles remain both in terms of the direction of domestic real economic effects, and which primary transmission mechanism, trade and/or interest rates, dominates. This paper addresse ...
... as poor countries have become more financially integrated with world markets. Despite the relevance of this question, puzzles remain both in terms of the direction of domestic real economic effects, and which primary transmission mechanism, trade and/or interest rates, dominates. This paper addresse ...
`Missing disinflation` and `missing inflation` since the Great Recession
... ing derived in Jarociński and Maćkowiak (2016), but with a few constraints: we use the same specification for the euro area and the US, we want to separate domestic from global variables (so we omit exports and imports which are difficult to classify), and for a-priori reasons we want the number ...
... ing derived in Jarociński and Maćkowiak (2016), but with a few constraints: we use the same specification for the euro area and the US, we want to separate domestic from global variables (so we omit exports and imports which are difficult to classify), and for a-priori reasons we want the number ...
monetary policy transmission mechanism onto the real economy
... So that monetary policy decision-makers to be able to properly assess the magnitude and sense of the measures taken, it is essential to understanding the monetary policy transmission channels to the real economy. Over time, for instance in the works of authors Belke and Polleit, were stroked the mon ...
... So that monetary policy decision-makers to be able to properly assess the magnitude and sense of the measures taken, it is essential to understanding the monetary policy transmission channels to the real economy. Over time, for instance in the works of authors Belke and Polleit, were stroked the mon ...
Digital currencies - Bank for International Settlements
... possibly make them faster and less expensive for end users such as consumers and merchants. However, the implications for payment system efficiency are still to be determined, and potential risks may arise from the operation of these schemes. In addition, they may also raise a number of policy issue ...
... possibly make them faster and less expensive for end users such as consumers and merchants. However, the implications for payment system efficiency are still to be determined, and potential risks may arise from the operation of these schemes. In addition, they may also raise a number of policy issue ...
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 ...
Competitive Currency Depreciation: The Need for a More Effective
... round of competitive currency depreciation by national governments. The fact that there is no effective remedy to block this kind of behavior is at least somewhat surprising given the suffering of so many people during the Great Depression. One would think that the scars left by that implosion would ...
... round of competitive currency depreciation by national governments. The fact that there is no effective remedy to block this kind of behavior is at least somewhat surprising given the suffering of so many people during the Great Depression. One would think that the scars left by that implosion would ...
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.