monetary policy

This tag is associated with 7 posts

Sovereign debt reaction to the announcement of non-conventional monetary policies

Sovereign debt reaction to the announcement of non-conventional monetary policies  Prepared by Stefano Fugazzi abc.economics@yahoo.com ABC Economics founder and associate member of NUJ March 2016  The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of ABC Economics. Working Papers describe research in progress by the author(s) … Continue reading

Carney: the impact of the EU membership on Bank of England

Speech given by the Governor of the Bank of England (‘The Bank’), Mark Carney, presenting the findings of a report highlighting the impact of the European Union membership on the the Bank’s ability to achieve thier monetary and financial stability objectives (Notes 1 and 2 )  *** (21 October 2015) I would like to be clear at the outset what this report is about, … Continue reading

Monetary policy in a low growth, low interest rate environment

Speech by Mr Salvatore Rossi, Senior Deputy Governor of the Bank of Italy, at the “Roundtable on Monetary Policy in a Low Growth, Low Interest Rate Environment”, Istanbul Finance Summit, Istanbul, 8 September 2015. Source: BIS website The role of interest rates – short- or long-term, nominal or real – is pervasive in modern economies. … Continue reading

On the FED rate increase. Conceptual pitfalls and monetary policy errors

Hereafter an analysis by Andrew Levin originally published on 11 September 2015 on VOXEU regarding the FED’s monetary policy. As we know the Federal Reserve is on the verge of triggering the process of monetary policy tightening. In this article Professor Levin argues that the rationale for that policy judgement rests on faulty analytical assumptions about the labour market, inflation dynamics, … Continue reading

Bundesbank explains the pass-through (effects of monetary policies on real economy)

Stefano Fugazzi (ABC Economics) – The transmission of conventional monetary policy (e.g. varying interest rates) to retail lending rates has not changed during the sovereign debt crisis compared to the pre-crisis period, claim a pool of Bundesbank researchers in a paper published earlier this summer. Additionally, the research unit found evidence that the composition of the interest pass-through has changed. Easy conventional … Continue reading

A safe asset for Eurozone QE: A proposal

Fonte Voxeu – As Europe moves closer to deflation, the ECB is gradually inching towards outright quantitative easing (QE) – increasing the monetary base through purchases of government bonds (Draghi 2014). But undertaking such purchases confronts a problem. There is no Eurozone ‘government bond’ to purchase. Were the ECB to purchase the debt of all … Continue reading

A looser monetary policy will favour a weaker euro and a stronger economy

The euro has appreciated sharply since July 2012. This column introduces a CEPR Policy Insight which argues that the strong euro is not the result of a ‘currency war’. The Eurozone suffers from an overly restrictive monetary policy. The sooner the ECB adopts a more aggressive monetary stance, the sooner the recovery will take hold. … Continue reading

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