Monetary And Financial Policy In The Euro Area
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Monetary And Fiscal Policies In The Euro Area
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Author : Michael Carlberg
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-03-14
Monetary And Fiscal Policies In The Euro Area written by Michael Carlberg and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-14 with Business & Economics categories.
This book studies the interactions between monetary and fiscal poUcies in the euro area. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the European central bank, the American central bank, the German government, and the French government. As to policy cooperation, the focus is on the same institutions. These are higher-dimensional issues. The pohcy targets are price stability and full employment. The policy makers follow co- turkey or gradualist strategies. The policy decisions are taken sequentially or simultaneously. Monetary and fiscal policies have spillover effects. Special features of this book are numerical simulations of policy competition and numerical solutions to policy cooperation. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association. Other parts were presented at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.
Monetary And Financial Policy In The Euro Area
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Author : Maximilian Fandl
language : en
Publisher: Springer
Release Date : 2018-05-31
Monetary And Financial Policy In The Euro Area written by Maximilian Fandl and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-31 with Business & Economics categories.
This textbook provides a comprehensive overview of monetary policy, banking supervision and financial stability in the euro area. The author uses his professional experience in central banking to provide a thorough understanding of European economics and to explore how the monetary and financial system functions. The book takes into account the profound changes that resulted from crisis developments in recent years, such as the implementation of quantitative easing or the establishment of the Single Supervisory Mechanism (SSM). The author also invites readers to develop their thoughts on alternative policies to shape the monetary and financial system of the future. The textbook is tailor-made for intermediate courses in economics but will also appeal to those preparing a career in central banking or financial regulation.
The Concrete Euro
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Author : Paul Mercier
language : en
Publisher: OUP Oxford
Release Date : 2014-10-02
The Concrete Euro written by Paul Mercier and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-02 with Business & Economics categories.
The euro area's framework for monetary policy implementation was introduced in 1999. Eleven years on, this volume examines the theoretical and historical underpinnings of the framework, how it has fared in practice, and what challenges it is likely to face in the future. The technology serving the implementation of monetary policy has historically been the exclusive preserve of a narrow group of specialists but the recent global financial crisis brought the issue into the public eye, as the supply of base money exploded while inflation risked turning into deflation. This book addresses all the aspects of monetary policy implementation, with particular emphasis on the European Central Bank and the euro, allowing a more informed assessment of a neglected, but important, aspect of economic life, and a better understanding of the exceptional developments brought about by the financial crisis. Written by the leading money market operators at the European Central Bank who were involved in creating and implementing the framework, and who are still managing monetary policy implementation at the Bank today, this book provides a rare insider account of how the framework has evolved, how it works in practice, and the challenges of monetary policy implementation going forward.
How Loose How Tight A Measure Of Monetary And Fiscal Stance For The Euro Area
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Author : Nicoletta Batini
language : en
Publisher: International Monetary Fund
Release Date : 2020-06-05
How Loose How Tight A Measure Of Monetary And Fiscal Stance For The Euro Area written by Nicoletta Batini and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-05 with Business & Economics categories.
This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the relative impacts of monetary and fiscal policy on demand using actual and simulated data from rich estimated models featuring also financial intermediaries and long-term government debt. The analysis highlights a short-lived fiscal expansion in the aftermath of the Global Financial Crisis, followed by a quick tightening, with monetary policy left to be the “only game in town” after 2013. Individual countries’ DMFCIs show that national policy stances did not always mirror the evolution of the aggregate stance at the EA level, due to heterogeneity in the fiscal stance.
Monetary And Fiscal Policies In The Euro Area
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Author : W. Semmler
language : en
Publisher: Elsevier
Release Date : 2005-05-06
Monetary And Fiscal Policies In The Euro Area written by W. Semmler and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-05-06 with Business & Economics categories.
The emergence of a macro economy in Euro-Asia is a challenge for academics and policy makers. This book focuses on this macro economy and the monetary and fiscal policy responses. It explores monetary policies allowing for uncertainty and time-varying behaviour of economic agents in markets.
Euro Area Policies
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-19
Euro Area Policies written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-19 with Business & Economics categories.
Overall the resilience of large euro area banks has improved, but important vulnerabilities remain. Capital buffers are in aggregate sizeable relative to immediate threats, but some banks are especially vulnerable to credit risk and others to market risks, including a substantial rise in risk premia. The banking system as a whole has ample liquidity, against a backdrop of ECB support. At a structural level, low profitability is found in many banks across all business models, despite improving conjunctural conditions. The interconnectedness analysis shows that strong buffers are effective in dampening both vulnerabilities and onward transmission. Risks to financial stability relate mainly to tighter financial conditions, weaker growth, and policy and geopolitical uncertainties. The withdrawal of the United Kingdom from the EU (Brexit) could potentially disrupt financial market and services, and thus the wider economy. Also, policy reversals could hurt debt sustainability and test the cohesion of policy making in the union.
Fragmentation And Monetary Policy In The Euro Area
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Author : Mr.Ali J Al-Eyd
language : en
Publisher: International Monetary Fund
Release Date : 2013-10-04
Fragmentation And Monetary Policy In The Euro Area written by Mr.Ali J Al-Eyd and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-04 with Business & Economics categories.
The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, driving retail interest rates in stressed markets far above those in the core. This has impeded the flow of credit and undermined the transmission of monetary policy. Analysis presented here indicates that the credit channel of monetary policy has broken down during the crisis, particularly in stressed markets, and that SMEs in these economies appear to be most affected by elevated lending rates.Given these stresses, the ECB can undertake additional targeted policy measures, including through additional term loans, collateral policies, and private asset purchases.
Monetary And Exchange Rate Policies Of The Euro Area
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Author : International Monetary Fund
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2000-04-03
Monetary And Exchange Rate Policies Of The Euro Area written by International Monetary Fund and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-04-03 with Business & Economics categories.
The economic conditions in the euro area have brightened. Executive Directors commended the policy stance of the European Central Bank. They noted that the exchange rate developments of the euro failed to strengthen the euro area economy, and stressed the need for fiscal discipline, structural reforms, and wage moderation at the national level to maintain price stability in the medium term. They emphasized the need for deeper integration of European Union financial markets, development of risk capital, and improvement of the quality and sustainability of public finances.
The Mechanics Of A Strong Euro Area
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Author : Ms.Petya Koeva Brooks
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-21
The Mechanics Of A Strong Euro Area written by Ms.Petya Koeva Brooks and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-21 with Business & Economics categories.
Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during four cycles of the IMF’s annual Article IV consultations (2012–15) with euro area authorities.
Monetary And Exchange Rate Policies Of The Euro Area
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2002-10-29
Monetary And Exchange Rate Policies Of The Euro Area written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-10-29 with Business & Economics categories.
This paper examines monetary and exchange rate policies of the euro area. The paper reviews the European Central Bank’s definition of price stability, and examines the factors determining “the optimal rate of inflation” in the euro area. It reviews the benefits of price stability, including the reduction in the distortions of savings and investment behavior that stem from the interaction between nominal tax systems and inflation. It then goes on to evaluate arguments for maintaining a small positive inflation rate in the context of the euro area.