Suche nach Schlagworten '00003111'
9 entries found on 1 pages. starting on record 1 ending on 9Sort by: Title, Year, Author (Corp. Body),
« Previous
Next »
Title: How does the ECB allot liquidity in its weekly main refinancing operations? |
---|
Title (other): A look at the empirical evidence |
Abstract This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been provided by the ECB in a neutral and smooth manner, but also that there has been some attempt, albeit very limited, to correct deviations of the overnight rate from the main refinancing rate. Moreover the paper finds that liquidity has affected the overnight interest rate to a significant extend only after the last main refinancing operation of the maintenance period, when it is not possible for the ECB to adjust liquidity imbalances except by making recourse to fine-tuning operations. [Steen Ejerskov, Clara Martin Moss and Livio Stracca] |
Author: Ejerskov, Steen | Moss, Clara Martin | Stracca, Livio |
Series Title: The European Central Bank - Working papers review |
Publisher: European Central Bank |
Year: 2003 |
Language: en |
Ressource: Einzelne Arbeitspapiere, Preprints |
Keyword: Bank liquidityEU countriesMonetary PolicyLiquidity effectMartingaleCentral BankEUEuropean Central Bank monetary policyliquidity |
Subject: Currency. Monetary policy |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int) |
Title: Consumer inflation expectations in Poland |
---|
Abstract Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the transmission of monetary policy impulses and their impact on the real and nominal sectors of the economy bear a close relationship to properties of inflation expectations. Qualitative data on inflation expectations, as obtained from surveys, can be quantified with the use of probability or regression methods. This paper presents the results of two versions of the probability method, implemented in order to estimate numerical measures of Polish consumer inflation expectations, based on the monthly Ipsos-Demoskop survey. In addition, the unbiasedness and macroeconomic efficiency of Polish consumer inflation expectations are tested, as are the way in which these are formed. The pattern of responses to the survey question and quantified measures of Polish consumer inflation expectations are also compared with the respective findings for the euro area. [Tomasz £yziak] |
Author: £yziak, Tomasz |
Series Title: Working paper series / European Central Bank ; 287 |
Publisher: European Central Bank |
Year: 2003 |
Language: en |
Ressource: Einzelne Arbeitspapiere, Preprints |
Keyword: Monetary PolicyInflation expectationsPolandConsumersCentral Bankmonetary policyinflationPoland consumercentral bank |
Subject: Economic conditionsCurrency. Monetary policy |
Countries Scheme: Poland |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int) |
Title: ECB Decision-making and the Status of the Eurogroup in an Enlarged EMU |
---|
Abstract This paper analyses the link between the forthcoming EU enlargement and selected aspects of EU institutional reforms, namely decision-making rules in the European Central Bank and the status of the Eurogroup. It states that some earlier arguments calling for urgent ECB reform are based on unrealistic assumptions. It concludes that the reform recently adopted by the EU Council as well as the present system, while not free from shortcomings, could provide a workable environment for monetary policy in an enlarged EMU. Additionally, the paper claims that designing efficient institutional solutions for the European Council is also important from the perspective of the new member states, as it might impact their chances for early adoption of the common currency. The paper argues that EMU enlargement would not necessarily undermine the effectiveness of the current rules. The reform proposed by the ECB itself, currently at the stage of ratification by member states, also provides a reasonable framework for monetary policy making in the larger monetary union. Its major drawbacks are rooted in the sphere of intra-EU politics, rather than in economic effectiveness. The design of the current ECB architecture was influenced by the experience of the functioning of the Bundesbank. Since the UK stayed outside the euro-zone, there was much less impact from the practice of direct inflation targeting frameworks steered by a small monetary policy council consisting of monetary policy experts. Such policy culture influences arguably have a strong impact on institutional design. Consequently, one should not expect a major revolution in the decision-making rules of the ECB in the near future. The prospects of EMU enlargement clearly have some impact on the discussion of the future of the Eurogroup and ECOFIN, and on economic policy co-ordination at the level of the euro-zone and of the EU as a whole. However, these discussions are largely driven by other considerations and the positions of major actors are determined by their speci |
Author: Paczynski, Wojciech |
Series Title: Center for Social and Economic Research / Studies & Analyses; 262 |
Publisher: Fundacja Naukowa CASE |
Year: 2003 |
ISBN / ISSN / Kat.Nr: 83-7178-318-3 |
Language: en |
Ressource: Einzelne Berichte, Studien |
Keyword: EU expansionEuropean Central BankEEMUmonetary policy |
Subject: European Community financial managementCurrency. Monetary policy |
Countries Scheme: Europe. General Resources |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Fundacja Naukowa CASE (http://www.case.com.pl/) |
Title: Eurozone Enlargement |
---|
Title (other): Exploring Uncharted Waters |
Abstract The paper summarises the outcomes of a research project on 'The Eastward Enlargement of the Eurozone' that has been, since 2001, conducted by leading research institutions from Estonia, Finland, Italy, Poland, Portugal and Slovenia, coordinated by the Freie Universität Berlin's Jean Monnet Centre of Excellence. The project was supported by the European Commission's 5th Framework Programme. The report draws on the research that has been laid down in a set of working papers and several books, analyses impacts on markets and policies, and assesses the changes that have occurred so far. It also discusses what impact enlargement will have on the eurozone as a whole, its capacity to act, and on institutional consequences. On 1 May 2004, ten countries joined the European Union. The new members are Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia. Enlargement increased the EU population to 450 million, making the EU the world's largest single market in population terms. A market of this size can be expected to give a boost to investment and job creation, raising levels of prosperity throughout Europe. Enlargement will, however, create new challenges: the Central and East European countries (CEEC) may take decades to catch up economically with their western neighbours unless adequate assistance from the old member countries is being provided. Thus, the success of enlargement depends both on the speed of the process and on the procedure how to implement the right political and economic mechanisms towards sustainable self-financed growth. This process may even be aggravated by the eurozone's eastward enlargement which strips the CEEC of monetary policy independence and the application of traditional economic instruments. [Urheber s. Copyright] |
Author: Bolle, Michael |
Contributer: Ezoneplus Research Consortium |
Year: 2004 |
Language: en |
Ressource: Einzelne Berichte, Studien |
Keyword: EU expansionmonetary policyEast Central Europe |
Subject: European Community financial managementDemand. Market. ConsumptionMonetary agreements and zones. International debt |
Countries Scheme: EASTERN EUROPE |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Ezoneplus Research Consortium (http://www.ezoneplus.org/) |
Title: Poland's policy mix: fiscal or monetary leadership? |
---|
Abstract The way in which monetary and fiscal policy interact has an impact on the policy mix. A standard finding in the economic literature on strategic interactions between the fiscal and monetary authorities is that lack of cooperation can lead to a suboptimal policy mix. This is in particular the outcome of a Stackelberg game between the two policy-makers, with the government as the leader and the monetary authority as the follower which appears to be a realistic description of the current institutional arrangements in Poland. This Country Focus examines whether these theoretical considerations are relevant to developments in fiscal and monetary policy in Poland since 1999. The suboptimal policy mix that characterises much of the period under review can be interpreted in part as the outcome of non-cooperative behaviour as predicted by the leader-follower model. Clearly, lack of fiscal consolidation and persistent uncertainties about fiscal policy have weighed heavily on monetary policy decisions. However, shifts in the monetary stance also reflect the National Bank of Polands reaction to changing economic conditions from which its response to changes in fiscal policy alone is difficult to disentangle. Polands recent experience suggests that a credible commitment to fiscal discipline and greater predictability of fiscal plans would help improve the policy mix. |
Author: Darnaut, Nathalie | Kutos, Paul |
Series Title: Europäische Kommission / Generaldirektion Wirtschaft und Finanzen - Ecfin country focus ; 2005,01 |
Contributer: Europäische Kommission / Generaldirektion Wirtschaft und Finanzen |
Year: 2005 |
Language: en |
Ressource: Einzelne Berichte, Studien |
Keyword: Fiscal PolicyMonetary Policyfiscal policymonetary policy |
Subject: Economic policy and planning |
Countries Scheme: Bulgaria |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://ec.europa.eu/) |
Title: Screening report Croatia : Chapter 17: Economic and monetary policy |
---|
Publisher: Europäische Kommission / Generaldirektion Erweiterung |
Year: 2006 |
Language: en |
Ressource: Einzelne Berichte, Studien |
Keyword: EU expansionmonetary policyCroatiaeconomic policy |
Subject: European Community external relations and associated countries |
Countries Scheme: Croatia |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://ec.europa.eu/) |
Title: Screening report Turkey : Chapter 17: Economic and Monetary Policy |
---|
Publisher: Europäische Kommission / Generaldirektion Erweiterung |
Year: 2006 |
Language: en |
Ressource: Einzelne Berichte, Studien |
Keyword: EU expansionmonetary policyTurkeyeconomic policy |
Subject: European Community external relations and associated countries |
Countries Scheme: Turkey |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://ec.europa.eu/) |
Title: Draft Screening Report Iceland : Chapter 17 Economic and Monetary Policy |
---|
Author (Corp. Body): Europäische Kommission |
Year: 2012 |
Language: en |
Ressource: Einzelne Berichte, Studien |
Keyword: EUjoining of the European Unionmonetary policyIcelandeconomic policy |
Subject: European Community external relationsEconomic policy and planningCurrency. Monetary policy |
Countries Scheme: Iceland |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://ec.europa.eu/) |
Title: Screening report Serbia : Chapter 17 Economic and Monetary Policy |
---|
Author (Corp. Body): Europäische Kommission |
Publisher: Europäische Kommission / Directorate General for Neighbourhood and Enlargement Negotiations |
Year: 2016 |
ISBN / ISSN / Kat.Nr: MD 27/16 |
Language: en |
Ressource: Einzelne Berichte, Studien |
Keyword: EUjoining of the European Unionmonetary policySerbiaeconomic policy |
Subject: European Community external relationsEconomic policy and planningFinancing. Private finance. Financial policy |
Countries Scheme: Serbia |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://ec.europa.eu/) |
« Previous
Next »