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Working Paper
Measurement bias in the HICP: what do we know and what do we need to know?
The Harmonized Index of Consumer Prices (HICP) is the primary measure of inflation in the euro area, and plays a central role in the policy deliberations of the European Central Bank (ECB). The ECB defines its Treaty mandate of price stability as "?a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2 percent [?] to be maintained over the medium term." Among the rationales given for defining price stability as prevailing at some positive measured inflation rate is the possibility that the HICP as published incorporates measurement errors of ...
Journal Article
Decision time for European Monetary Union
If the plans of European governments for economic and monetary union by the end of the decade are realized, a new common currency called the euro will be in use in at least a few western European countries within five years. Even earlier, starting in 1999, a new European Central Bank is slated to take control of monetary policy in the initial member countries. ; This article examines the economic and political factors that will determine whether monetary union proceeds on schedule and, if so, which countries are likely to be initial members. There is little chance that most of the countries ...
Journal Article
The Euro
In January 1999, the new European Central Bank began manufacturing a new money-the euro-and took over the operations of 11 nations' monetary systems. This Commentary outlines the ECB's institutions and operations, exploring some of the political economy issues that face the new central banking arrangement.
Journal Article
Ties that bind
The pact to ensure fiscal stability in Europe's monetary union might soon be loosened. Not good, say economists at the Minneapolis Fed
Conference Paper
Monetary policy in a changing economic environment
Journal Article
The euro cash changeover
Speech
Financial stability: the role of the Federal Reserve System
Remarks at the Future of Banking Regulation and Supervision in the EU Conference, Frankfurt, Germany.
Journal Article
Unconventional Monetary Policy and International Interest Rate Spillovers
After the 2008 global financial crisis, advanced economies turned to unconventional monetary policies to provide additional monetary stimulus while short-term interest rates were constrained by their effective lower bound. However, the speed of economic recovery differed markedly among these economies, leading to differences in the timing and intensity of unconventional monetary policies across central banks. These differences may have generated “spillover effects” that undermined policy tightening in the United States after 2015.Karlye Dilts Stedman assesses whether monetary policies ...
Journal Article
European Monetary Union faces tough decisions
Speech
Opening remarks for the Transatlantic Economic Interdependence and Policy Challenges Conference
Remarks at the Transatlantic Economic Interdependence and Policy Challenges Conference, Federal Reserve Bank of New York, New York City.