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Report
Establishing credibility: evolving perceptions of the European Central Bank
Goldberg, Linda S.; Klein, Michael W. (2005)
The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high-frequency data to test for persistent variation in market perceptions of central bank inflation aversion. The first years of the European Central Bank (ECB) provide a natural experiment for this model. Tests of the effect of news announcements on the slope of yield curves in the euro area and on the euro-dollar exchange rate suggest that the market's perception of the policy ...
Staff Reports , Paper 231

Journal Article
Sterilized fx
Fettig, David (2001-06)
The Region , Volume 15 , Issue Jun , Pages 11-14

Speech
Policy coordination among central banks: a speech at the Fifth European Central Bank Central Banking Conference, The Euro at Ten: Lessons and Challenges, Frankfurt, Germany, November 14, 2008
Bernanke, Ben S. (2008)
Speech , Paper 433

Journal Article
Legal structure, financial structure, and the monetary policy transmission mechanism
Cecchetti, Stephen G. (1999-07)
Among the many challenges facing the new Eurosystem - the European Central Bank and the central banks of the eleven members of the European Monetary Union - is the possibility that participating countries will respond differently to interest rate changes. This paper provides evidence that differences in financial structure are the proximate cause for these national asymmetries in monetary policy transmission and that these differences in financial structure are a result of differences in legal structure. The author concludes that unless legal structures are harmonized across Europe, the ...
Economic Policy Review , Volume 5 , Issue Jul , Pages 9-28

Journal Article
The European Central Bank and the Eurosystem
Bertaut, Carol C. (2002-04-02)
The Eurosystem comprises the European Central Bank at its center as well as the national central banks of the twelve countries currently participating in monetary union. The European Central Bank was established in July 1998, six months before the beginning of Stage Three of economic and monetary union. Although decisions regarding monetary policy are made centrally by the Governing Council of the Eurosystem, the operational aspects of monetary policy-including open market operations, administration of the minimum reserve system, and management of the standing facilities-are undertaken in a ...
New England Economic Review , Issue Q 2 , Pages 25-28

Report
The measurement and behavior of uncertainty: evidence from the ECB Survey of Professional Forecasters
Song, Joseph; Tracy, Joseph; Rich, Robert W. (2012)
We use matched point and density forecasts of output growth and inflation from the ECB Survey of Professional Forecasters to derive measures of forecast uncertainty, forecast dispersion, and forecast accuracy. We construct uncertainty measures from aggregate density functions as well as from individual histograms. The uncertainty measures display countercyclical behavior, and there is evidence of increased uncertainty for output growth and inflation since 2007. The results also indicate that uncertainty displays a very weak relationship with forecast dispersion, corroborating the findings of ...
Staff Reports , Paper 588

Journal Article
Decision time for European Monetary Union
Whitt, Joseph A. (1997-07-03)
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 ...
Economic Review , Volume 82 , Issue Q 3 , Pages 20-33

Journal Article
EMU and the ECB
Walsh, Carl E. (1992)
FRBSF Economic Letter

Journal Article
The world's newest currency
Wynne, Mark A. (1999-09)
Southwest Economy , Issue Sep , Pages 10

Working Paper
The Eurosystem money market auctions: a banking perspective
Craig, Ben R.; Fecht, Falko (2006)
This paper analyzes the individual bidding behavior of German banks in the money market auctions conducted by the ECB from the beginning of the third quarter of 2000 to the end of the first quarter of 2001. Our approach takes a variety of characteristics of the individual banks into account. In particular, we consider variables that capture the different use of liquidity and the different attitude towards liquidity risk of the individual banks. It turns out that these characteristics are reflected in the banks? respective bidding behavior to a large extent. Thus our study contributes to a ...
Working Papers (Old Series) , Paper 0506

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