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The Ecbs Monetary Policy
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Book Synopsis Monetary Policy in Times of Crisis by : Massimo Rostagno
Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Book Synopsis Writing Clearly by : Mr.Martin Cihak
Download or read book Writing Clearly written by Mr.Martin Cihak and published by International Monetary Fund. This book was released on 2008-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative, albeit small, impact on clarity.
Book Synopsis The European Central Bank by : Jakob De Haan
Download or read book The European Central Bank written by Jakob De Haan and published by MIT Press. This book was released on 2005-04-15 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of the debates on European Central Bank monetary policy, focusing on issues of transparency, credibility, and accountability and the effect of the ECB's decentralized structure. The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro zone's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national central banks. This CESifo volume examines issues that have arisen in the first years of ECB monetary policy and analyzes the effect that current ECB policy strategy and structures may have in the future. After a detailed description and assessment of ECB monetary policy making that focuses on such issues as price stability and the predictability of policy decisions, the book turns to two important issues faced by European central bankers: the transparency and credibility of decision making and the ECB's decentralized structure. After showing that transparency in decision making enhances credibility, the book discusses the ECB's efforts at openness, its political independence as guaranteed by law, and its ultimate accountability. The book then considers the effects of the decentralized ECB structure, focusing on business cycle synchronization, inflation differentials, and differences in monetary policy transmission in light of the enlargement of the monetary union. The book also discusses options for ECB institutional reforms, including centralization, vote weighting, and cross-border regional banks.
Book Synopsis The European Central Bank by : Hanspeter K. Scheller
Download or read book The European Central Bank written by Hanspeter K. Scheller and published by . This book was released on 2006 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.
Book Synopsis Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy by : Otmar Issing
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:
Book Synopsis The ECB's Monetary Policy by : Martina Paiotta
Download or read book The ECB's Monetary Policy written by Martina Paiotta and published by Youcanprint. This book was released on 2020-09-10 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book published entirely in English. Launches the most relevant issues of the ECB in terms of economic and monetary strategies
Book Synopsis Regional Monetary Policy by : Carlos J. Rodríguez Fuentes
Download or read book Regional Monetary Policy written by Carlos J. Rodríguez Fuentes and published by Psychology Press. This book was released on 2006 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rising star of Spanish economics, Carlos Rodriguez Fuentes, has produced a work of impressive clarity which analyses the effects of regional monetary policy - with particular reference to European Monetary Union.
Download or read book Writing Clearly written by Aleš Buliř and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even better than, other central banks for which a similar analysis is available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual inflation factors and the overall forecast risk; in contrast, the bulletin's communication on monetary shocks has a negative, albeit small, impact on clarity.
Book Synopsis The ECB'S Money Pillar by : Mr.Albert Jaeger
Download or read book The ECB'S Money Pillar written by Mr.Albert Jaeger and published by International Monetary Fund. This book was released on 2003-04-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the case for a money pillar in the European Central Bank's (ECB) monetary policy strategy. Time-series evidence for industrial countries based on frequency-domain and unobserved-components analysis suggests that money can play a useful role in gauging and constraining long-run risks to price stability. Moreover, the specter of asset price bubbles and some of the area's institutional features, which may impart considerable persistence to area-wide inflation, caution against shifting to conventional inflation targeting. But the time series evidence also seems to point to a relatively loose connection between variations in nominal money growth and inflation in the short to medium run. As a consequence, effective communication of the ECB's monetary policy decisions from the point of view of the present money pillar is likely to remain a challenging task.
Book Synopsis Monetary Policy in Times of Crisis by : Massimo Rostagno
Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021-06-11 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank (ECB) offer a clear demonstration of how a central bank can navigate macroeconomic insecurity and crisis. As the global economy moves into a new phase of unheralded uncertainty, the story of the ECB holds multiple lessons of wider significance for the central banking community and researchers of monetary policy. This volume provides a unique account of how the ECB has reacted to the challenges confronting the euro area through its monetary policy, turning to innovative measures and unprecedented policy actions to fend off the various threats posed by the global financial turmoil of 2007/08, the euro area sovereign debt market crisis, and the subsequent period of anaemic growth and deflationary pressures. It also addresses some of the criticisms the ECB has faced regarding its policy initiatives. It identifies the ultimate motivation behind the ECB's cautious attitude in the early phases of the financial crisis, and its peculiar definition of price stability and attention for credit creation, as well as addressing the criticism that central banks were fundamentally unprepared to head off a major financial cataclysm as they were wedded to a deficient economic paradigm which made them blind to financial risks. It also shows that the ECB's unconventional low-interest policies have not compromised the position of financial intermediaries in the way commentators initially predicted they would. By condensing the facts and lessons of the first 20 years of the ECB, this volume will acquaint the reader with the structures and decision-making processes behind the complex, often controversial, crisis measures that were taken during some of the toughest economic challenges in the history of modern Europe, and provide them with fresh ex-post analysis on their effect on the real economy and inflation.
Book Synopsis The European Central Bank by : D. Howarth
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.
Book Synopsis International Macroeconomics by : Stephanie Schmitt-Grohé
Download or read book International Macroeconomics written by Stephanie Schmitt-Grohé and published by Princeton University Press. This book was released on 2022-09-06 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential introduction to one of the most timely and important subjects in economics International Macroeconomics presents a rigorous and theoretically elegant treatment of real-world international macroeconomic problems, incorporating the latest economic research while maintaining a microfounded, optimizing, and dynamic general equilibrium approach. This one-of-a-kind textbook introduces a basic model and applies it to fundamental questions in international economics, including the determinants of the current account in small and large economies, processes of adjustment to shocks, the determinants of the real exchange rate, the role of fixed and flexible exchange rates in models with nominal rigidities, and interactions between monetary and fiscal policy. The book confronts theoretical predictions using actual data, highlighting both the power and limits of given theories and encouraging critical thinking. Provides a rigorous and elegant treatment of fundamental questions in international macroeconomics Brings undergraduate and master’s instruction in line with modern economic research Follows a microfounded, optimizing, and dynamic general equilibrium approach Addresses fundamental questions in international economics, such as the role of capital controls in the presence of financial frictions and balance-of-payments crises Uses real-world data to test the predictions of theoretical models Features a wealth of exercises at the end of each chapter that challenge students to hone their theoretical skills and scrutinize the empirical relevance of models Accompanied by a website with lecture slides for every chapter
Book Synopsis Monetary Policy. The Role of the European Central Bank by : Fotini Mastroianni
Download or read book Monetary Policy. The Role of the European Central Bank written by Fotini Mastroianni and published by GRIN Verlag. This book was released on 2017-05-02 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2016 in the subject Economics - Finance, , language: English, abstract: The aim of the present paper is to present the monetary policy of the ECB and record the changes in this policy caused by the recent economic crisis from 2007 onwards. Monetary policy is the process by which the monetary authority of an economic area checks the quantity and the cost of money in the economy. The official goals of monetary policy are the control of inflation, the growth of the economy, the reduction of unemployment and the control of the exchange rate in relation to foreign currencies. Monetary policy may be expansive, namely to increase the amount of money in the market by encouraging economic development, but causing an increase in inflation, or it can be limiting, i.e. to reduce the amount of money in the market by keeping inflation low. In the Euro Zone, monetary policy is pursued by the European Central Bank (ECB), which was created with the birth of the euro, when it took over the responsibility for the design and practice of monetary policy by the central banks of the Eurozone countries and operates as an independent, supranational but European organization.
Book Synopsis The Monetary Policy Strategy of the ECB Reconsidered by : Jordi Galí
Download or read book The Monetary Policy Strategy of the ECB Reconsidered written by Jordi Galí and published by Centre for Economic Policy Research. This book was released on 2004 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: As one of the world's key central banks, the European Central Bank comes under intense public scrutiny. Yet, its constituency is diverse, with different national traditions of central banking and varied views about the conduct of monetary policy. The ECB acts on behalf of all the members of EMU, but belongs to no particular member state. It is accountable to the European Parliament, which has only a very recent tradition of oversight of monetary policy. For these reasons, there is a need for a regular, rigorous, non-partisan and pan-European analysis of the options facing the ECB and the policies it pursues. Monitoring the European Central Bank addresses this need. Written by a team of distinguished academic economists known internationally for their work on macroeconomics and monetary policy, MECB produces a full report and an Update each year. The full report describes the issues faced by the ECB during the preceding year; assesses the policy choices that were made; and sets out the issues likely to arise during the coming year. The Update offers a follow-up to the main report, and is written in the light of the Bank's own annual report. 'Duisenberg record' and the recent review by the ECB of its monetary policy strategy. It finds that the ECB has failed to achieve its stated key objective of avoiding inflation in excess of 2 per cent. Tough rhetoric without delivery has been a strategic mistake. Actual inflation appears to be adrift due to inattentive policy. This could lead to a dangerous and costly-to-correct climb in the inflation rates, unless sufficient attention is paid soon to this issue by the ECB. The ECB should have used its review of the monetary policy strategy to admit this failure and to adjust its inflation target range upwards, bringing words in line with actual policy. It did not, and stresses continuity instead. Money still continues to play too prominent a role in the ECB's stated strategy. The report examines several of the arguments often given for a prominent role of money, and finds none of them convincing. Inflation at present and in the future should be the central focus of the ECB's analysis, not money growth rates. Deflation is a risk that is always present when inflation is low. The ECB should admit this rather than avoi
Book Synopsis Inflation Expectations by : Peter J. N. Sinclair
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.
Book Synopsis Monetary Policy in the Euro Area by : Otmar Issing
Download or read book Monetary Policy in the Euro Area written by Otmar Issing and published by Cambridge University Press. This book was released on 2001-07-26 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
Book Synopsis The European Central Bank at Ten by : Jakob de Haan
Download or read book The European Central Bank at Ten written by Jakob de Haan and published by Springer Science & Business Media. This book was released on 2010-09-16 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Coming at a critical juncture for the euro, the book takes stock of the ECB's experience during its first ten years and discusses the way ahead. The articles are written by well-known experts in the field and provide the reader with a comprehensive overview of relevant policy issues, including the ECB’s communication and its monetary strategy and instruments.
