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Keywords:Monetary policy - Europe 

Conference Paper
The transformation of trade and monetary regimes in Europe

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Insurance policies for monetary policy in the euro area

In this paper, the authors aim to design a monetary policy for the euro area that is robust to the high degree of model uncertainty at the start of monetary union and allows for learning about model probabilities. To this end, they compare and ultimately combine Bayesian and worst-case analysis using four reference models estimated with pre-EMU synthetic data. The authors start by computing the cost of insurance against model uncertainty, that is, the relative performance of worst-case or minimax policy versus Bayesian policy. While maximum insurance comes at moderate costs, they highlight ...
Working Papers , Paper 08-29

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.
Speech , Paper 104

Journal Article
The European Central Bank and the Eurosystem

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

Journal Article
Legal structure, financial structure, and the monetary policy transmission mechanism

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

Conference Paper
Economic and monetary union in Europe : the challenges ahead

Proceedings - Economic Policy Symposium - Jackson Hole

Journal Article
Monetary policy when one size does not fit all

The European Central Bank recently raised its target interest rate for the first time since the 2008 financial crisis. When compared with a simple interest rate rule, this rate hike appears consistent with the euro area's nascent economic recovery and rising inflation. However, economic conditions vary greatly among the countries in the euro area and the ECB's new target rate may not be suitable for all of them.
FRBSF Economic Letter

Conference Paper
Europe 1992: some monetary policy issues

Proceedings - Economic Policy Symposium - Jackson Hole

Conference Paper
Interdependence between the Euro area and the U.S.: what role for EMU?


Working Paper
The role of labor markets for Euro area monetary policy

In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions.> We first investigate to which extent a more flexible labor market would alter the business cycle behavior and the transmission of monetary policy. We find that while a lower degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation, the importance of other labor market rigidities for the transmission of shocks is rather limited. Second, ...
Working Papers , Paper 09-1


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