The Ecb S Money Pillar
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The Ecb S Money Pillar
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Author : Mr.Albert Jaeger
language : en
Publisher: International Monetary Fund
Release Date : 2003-04-01
The Ecb S Money Pillar written by Mr.Albert Jaeger 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 2003-04-01 with Business & Economics categories.
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.
Money In Monetary Policy Design Under Uncertainty
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Author : Günter Beck
language : en
Publisher:
Release Date : 2007
Money In Monetary Policy Design Under Uncertainty written by Günter Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Interest rates categories.
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies many contributions to research onmonetary policy in the last two decades. Of course, if one allows for a direct effect of money on output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions,it would be optimal to include a measure of (long-run) money growth in the rule. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect knowledge regarding unobservables such as potential output and equilibrium interest rates. We formulate a novel characterization of ECB-style monetary cross-checking and showthat it can generate substantial stabilization benefits in the event of persistent policy misperceptions regarding potential output. Such misperceptions cause a bias in policy setting. We find that cross-checking and changing interest rates in response to sustained deviations of long-runmoney growth helps the central bank to overcome this bias. Our argument in favor of ECB-style cross-checking does not require direct effects of money on output or inflation.
The Ecb S Two Pillars
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Author : Stefan Gerlach
language : en
Publisher:
Release Date : 2003
The Ecb S Two Pillars written by Stefan Gerlach and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Banks and banking, Central categories.
Money In Monetary Policy Design Under Uncertainty
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Author : Günter W. Beck
language : en
Publisher:
Release Date : 2016
Money In Monetary Policy Design Under Uncertainty written by Günter W. Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies many contributions to research on monetary policy in the last two decades. Of course, if one allows for a direct effect of money on output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions, it would be optimal to include a measure of (long-run) money growth in the rule. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect knowledge regarding unobservables such as potential output and equilibrium interest rates. We formulate a novel characterization of ECB-style monetary cross-checking and show that it can generate substantial stabilization benefits in the event of persistent policy misperceptions regarding potential output. Such misperceptions cause a bias in policy setting. We find that cross-checking and changing interest rates in response to sustained deviations of long-run money growth helps the central bank to overcome this bias. Our argument in favor of ECB-style cross-checking does not require direct effects of money on output or inflation.
Money In Monetary Policy Design Under Uncertainty
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Author : Günter Beck
language : en
Publisher:
Release Date : 2007
Money In Monetary Policy Design Under Uncertainty written by Günter Beck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Monetary policy categories.
International Convergence Of Capital Measurement And Capital Standards
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Author :
language : en
Publisher: Lulu.com
Release Date : 2004
International Convergence Of Capital Measurement And Capital Standards written by and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Bank capital categories.
Background Studies For The Ecb S Evaluation Of Its Monetary Policy Strategy
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Author : Otmar Issing
language : en
Publisher:
Release Date : 2003
Background Studies For The Ecb S Evaluation Of Its Monetary Policy Strategy written by Otmar Issing and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
The European Central Bank
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Author : Jakob De Haan
language : en
Publisher: MIT Press
Release Date : 2005-04-15
The European Central Bank written by Jakob De Haan and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-04-15 with Business & Economics categories.
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.
The Ecb S Monetary Analysis Revisited
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Author : Helge Berger
language : en
Publisher: International Monetary Fund
Release Date : 2008-07
The Ecb S Monetary Analysis Revisited written by Helge Berger 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 2008-07 with Business & Economics categories.
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.
Collateral Frameworks
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Author : Kjell G. Nyborg
language : en
Publisher: Cambridge University Press
Release Date : 2017
Collateral Frameworks written by Kjell G. Nyborg and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Business & Economics categories.
The first book-length study of the importance of collateral frameworks in monetary policy, focusing on the Eurozone and euro crisis.