Monetary Policy in Times of Crisis - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Monetary Policy in Times of Crisis write by Massimo Rostagno. This book was released on 2021. Monetary Policy in Times of Crisis available in PDF, EPUB and Kindle. 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.
The ECB Strategy Review
The ECB Strategy Review - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The ECB Strategy Review write by . This book was released on 2023. The ECB Strategy Review available in PDF, EPUB and Kindle. This paper investigates two important elements of the ECB's 2021 monetary policy strategy review in an estimated structural open-economy macro model of the euro area: (a) explicit symmetry of the 2% inflation target, which can be expected to lower the risk of hitting the effective lower bound (ELB) on short-term interest rates by raising average inflation towards the target, and (b) commitment to forceful or persistent monetary accommodation in a low interest rate environment, here interpreted as low-for-longer response in the recovery from the ELB. We simulate the model with draws from the estimated distribution of shocks. Both elements increase average inflation and reduce the average output gap. Stabilisation gains are modest in quantitative terms, however, for the given illustrative policy rules, and they are more pronounced when the economy operates at the ELB. Important in the current context, the low-for-longer policy in the model does not jeopardise inflation stabilisation in the event of (inflationary) negative supply shocks at the exit from the ELB. With private sector 'myopia' instead of fully rational expectations, the low-for-longer rule still yields stabilisation gains at the ELB, but they shrink in quantitative terms.
The Birth of the Euro
The Birth of the Euro - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Birth of the Euro write by Otmar Issing. This book was released on 2008-09-18. The Birth of the Euro available in PDF, EPUB and Kindle. Today, 318 million people in 15 countries use the Euro, which now rivals the importance of the US Dollar in the world economy. This is an outcome that few would have predicted with confidence when the Euro was launched. How can we explain this success and what are the prospects for the future? There is nobody better placed to answer these questions than Otmar Issing, who as a founding member of the Executive Board of the European Central Bank (1998–2006), was one of the Euro's principal architects. His story is a unique insider account, combining personal memoir with reference to the academic and policy literature. Free of jargon, this is a very human reflection on a unique historical experiment and a key reference for all academics, policy makers, and 'Eurowatchers' seeking to understand how the Euro has got to where it is today and what challenges lie ahead.
Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy
Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy write by Otmar Issing. This book was released on 2003. Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy available in PDF, EPUB and Kindle.
The ECB Strategy
The ECB Strategy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The ECB Strategy write by Lucrezia Reichlin. This book was released on 2021. The ECB Strategy available in PDF, EPUB and Kindle. "The report provides a structured discussion of four important topics which were part of the ECB’s analysis in the run up to its 2021 strategy review: the definition of the target (price stability and secondary objectives); the operational framework; fiscal-monetary policy interactions; and the implications for monetary policy of climate change and related mitigation initiatives. The overall consensus is that the ECB is moving in a sensible direction, but many questions remain unanswered and it remains to be seen whether the new monetary policy strategy will successfully accommodate the challenges it has set out to meet. This report provides an excellent analytical accompaniment that will help frame the discussion going forward."--Abstract.
