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Author : Peter Kugler
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (9 download)
Download or read book Does Money Matter for Inflation in the Euro Area? written by Peter Kugler and published by . This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Money Matters for Inflation in the Euro Area written by and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author : Manfred J.M. Neumann
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (13 download)
Download or read book Inflation and Core Money Growth in the Euro Area written by Manfred J.M. Neumann and published by . This book was released on 2016 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the importance of money for inflation in the euro area. An inflation.
Author : David Hörnle
Publisher : GRIN Verlag
ISBN 13 : 3638888665
Total Pages : 57 pages
Book Rating : 4.6/5 (388 download)
Download or read book The Relationship Between the Money Supply and the Inflation Rate and the Role of the European Central Bank in Changing the Money Supply written by David Hörnle and published by GRIN Verlag. This book was released on 2008 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject Economics - Monetary theory and policy, grade: 1,7, Berlin School of Economics, course: Economics II, Business Cycles, Employment and Trade, 19 entries in the bibliography, language: English, abstract: This essay consists of two topics, both belonging to the field of money supply in the European Union (EU) since the introduction of the Euro 2002. The first part examines the relationship between money supply and inflation rate. Illuminating this relationship, it also explains the monetary policy of the European Central Bank (ECB). The link between its policy and the relationship of money supply and inflation rate will be highlighted by using graphs and current data. The first part ends with a critical view upon the policy of the ECB and the theories regarding the money supply. The second part deals with the role of the ECB in controlling the money supply. It shows which tools central banks have in general at hand to control the money supply, followed by an explanation of how these tools work. Finally, it discusses the development of the ECB and the steps it takes to control the money supply efficiently.
Author : Otmar Issing
Publisher :
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4.F/5 ( download)
Download or read book Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy written by Otmar Issing and published by . This book was released on 2003 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : António Rua
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Money Growth and Inflation in the Euro Area written by António Rua and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article provides new insights on the relationship between money growth and inflation in the euro area over the last 40 years. This highly relevant link for the European Central Bank monetary policy strategy is assessed using wavelet analysis. The findings indicate a stronger link between inflation and money growth at low frequencies over the whole sample period. At the typical business cycle frequency range the link is only present until the beginning of the 1980s. Moreover, there seems to be a recent deterioration of the leading properties of money growth with respect to inflation in the euro area.
Author : Zsolt M Darvas
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (18 download)
Download or read book Does Money Matter in the Euro Area? written by Zsolt M Darvas and published by . This book was released on 2014 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to examine the possible role of money shocks on output and prices in the euro area. Since no Divisia monetary aggregates are available for the euro area, we first create and make available a database on euro-area Divisia monetary aggregates. We plan to update the dataset in the future and keep it publicly available. Using different SVAR models, we find sensible and statistically significant responses to Divisia money shocks, while the responses to simple-sum measures of money and interest rates are not statistically significant, and sometimes even the point estimates are not sensible.
Author : Helge Berger
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.3/5 ( download)
Download or read book The ECB’s Monetary Analysis Revisited written by Helge Berger and published by International Monetary Fund. This book was released on 2008-07 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary "pillars" of the ECB's policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices.
Author : Andreas Jobst
Publisher : International Monetary Fund
ISBN 13 : 1475524471
Total Pages : 48 pages
Book Rating : 4.4/5 (755 download)
Download or read book Negative Interest Rate Policy (NIRP) written by Andreas Jobst and published by International Monetary Fund. This book was released on 2016-08-10 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
Author : Paul Donovan
Publisher : Routledge
ISBN 13 : 1317690044
Total Pages : 215 pages
Book Rating : 4.3/5 (176 download)
Download or read book The Truth About Inflation written by Paul Donovan and published by Routledge. This book was released on 2015-03-27 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is a simple topic, in that the basic concepts are something that everyone can understand. However, inflation is not a simplistic topic. The composition of inflation and what the different inflation measures try to represent cannot be summarised with a single line on a chart or a casual reference to a solitary data point. Investors very often fail to understand the detail behind inflation, and end up making bad investment decisions as a result. The Truth About Inflation does not set out to forecast inflation, but to help improve its understanding, so that investors can make better decisions to achieve the real returns that they need. Starting with a summary of long history of inflation, the drivers of price change are considered. Many of the "urban myths" that have built up about inflation are shown to be a consequence of irrational judgement or political scaremongering. Some behaviour, like the unhealthy veneration of gold as a means of inflation protection, is shown to be the result of historical accident. In the modern era of lower nominal investment returns, inflation inequality (whereby some groups experience persistently higher inflation than others) is a very important consideration. This book sets out the realities of price changes in the modern investing environment, without using economic equations or jargon. It gives investors the framework they need to think about inflation and how to protect themselves against it, whether the aggregate inflation of the future rises or falls from current levels.
Author : Sandra Eickmeier
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Global Dimension of Inflation - Evidence from Factor-Augmented Phillips Curves written by Sandra Eickmeier and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007 in a Phillips curve framework. We decompose output gaps and changes in unit labour costs into common (or global) and idiosyncratic components using a factor analysis and introduce these components separately in the regression. We find that the common component of changes in unit labour costs has a notable impact on inflation. Movements in import price inflation (not driven by oil supply) and foreign competition and global interest rate developments also affect inflation. Policy makers need to carefully observe those variables when assessing inflation developments.
Author : Michael Emerson
Publisher :
ISBN 13 : 9780198773245
Total Pages : 356 pages
Book Rating : 4.7/5 (732 download)
Download or read book One Market, One Money written by Michael Emerson and published by . This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.
Author : Katrin Assenmacher-Wesche
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.3/5 ( download)
Download or read book Interpreting Euro Area Inflation at High and Low Frequencies written by Katrin Assenmacher-Wesche and published by . This book was released on 2006 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several authors have recently interpreted the ECB's two-pillar framework as separate approaches to forecast and analyse inflation at different time horizons or frequency bands. The ECB has publicly supported this understanding of the framework. This paper presents further evidence on the behaviour of euro area inflation using band spectrum regressions, which allow for a natural definition of the short and long run in terms of specific frequency bands, and causality tests in the frequency domain. The main finding is that variations in inflation are well explained by low-frequency movements of money and real income growth and high-frequency fluctuations of the output gap.
Author : Mr. Helge Berger
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.4/5 (2 download)
Download or read book A Note of Caution on the Relation Between Money Growth and Inflation written by Mr. Helge Berger and published by International Monetary Fund. This book was released on 2023-06-30 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: We assess the bivariate relation between money growth and inflation in the euro area and the United States using hybrid time-varying parameter Bayesian VAR models. Model selection based on marginal likelihoods suggests that the relation is statistically unstable across time in both regions. The effect of money growth on inflation weakened notably after the 1980s before strengthening after 2020. There is evidence that this time variation is related to the pace of price changes, as we find that the maximum impact of money growth on inflation is increasing in the trend level of inflation. These results caution against asserting a simple, time-invariant relationship when modeling the joint dynamics of monetary aggregates and consumer prices.
Author : D. Howarth
Publisher : Springer
ISBN 13 : 0230503101
Total Pages : 292 pages
Book Rating : 4.2/5 (35 download)
Download or read book The European Central Bank written by D. Howarth and published by Springer. This book was released on 2003-05-14 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organisation of the bank, the issues of accountability and the difficult first years of the ECB in operation.
Author : Alberto Alesina
Publisher : University of Chicago Press
ISBN 13 : 0226012859
Total Pages : 477 pages
Book Rating : 4.2/5 (26 download)
Download or read book Europe and the Euro written by Alberto Alesina and published by University of Chicago Press. This book was released on 2010-04-15 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.
