Monetary Policy in Times of Crisis
Title | Monetary Policy in Times of Crisis PDF eBook |
Author | Massimo Rostagno |
Publisher | Oxford University Press |
Pages | 449 |
Release | 2021 |
Genre | Business & Economics |
ISBN | 0192895915 |
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Monetary Policy in the Euro Area
Title | Monetary Policy in the Euro Area PDF eBook |
Author | Otmar Issing |
Publisher | Cambridge University Press |
Pages | 220 |
Release | 2001-07-26 |
Genre | Business & Economics |
ISBN | 9780521788885 |
A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
The Concrete Euro
Title | The Concrete Euro PDF eBook |
Author | Paul Mercier |
Publisher | OUP Oxford |
Pages | 416 |
Release | 2014-10-02 |
Genre | Business & Economics |
ISBN | 0191043605 |
The euro area's framework for monetary policy implementation was introduced in 1999. Eleven years on, this volume examines the theoretical and historical underpinnings of the framework, how it has fared in practice, and what challenges it is likely to face in the future. The technology serving the implementation of monetary policy has historically been the exclusive preserve of a narrow group of specialists but the recent global financial crisis brought the issue into the public eye, as the supply of base money exploded while inflation risked turning into deflation. This book addresses all the aspects of monetary policy implementation, with particular emphasis on the European Central Bank and the euro, allowing a more informed assessment of a neglected, but important, aspect of economic life, and a better understanding of the exceptional developments brought about by the financial crisis. Written by the leading money market operators at the European Central Bank who were involved in creating and implementing the framework, and who are still managing monetary policy implementation at the Bank today, this book provides a rare insider account of how the framework has evolved, how it works in practice, and the challenges of monetary policy implementation going forward.
Negative Interest Rate Policy (NIRP)
Title | Negative Interest Rate Policy (NIRP) PDF eBook |
Author | Andreas Jobst |
Publisher | International Monetary Fund |
Pages | 48 |
Release | 2016-08-10 |
Genre | Business & Economics |
ISBN | 1475524471 |
More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
Monetary Policy Transmission in the Euro Area
Title | Monetary Policy Transmission in the Euro Area PDF eBook |
Author | Ignazio Angeloni |
Publisher | Cambridge University Press |
Pages | 398 |
Release | 2003-12-04 |
Genre | Business & Economics |
ISBN | 9780521828642 |
A systematic analysis of the impact of European Central Bank monetary policy on Eurozone national economies, first published in 2003.
Fragmentation and Monetary Policy in the Euro Area
Title | Fragmentation and Monetary Policy in the Euro Area PDF eBook |
Author | Mr.Ali J Al-Eyd |
Publisher | International Monetary Fund |
Pages | 32 |
Release | 2013-10-04 |
Genre | Business & Economics |
ISBN | 1484365119 |
The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, driving retail interest rates in stressed markets far above those in the core. This has impeded the flow of credit and undermined the transmission of monetary policy. Analysis presented here indicates that the credit channel of monetary policy has broken down during the crisis, particularly in stressed markets, and that SMEs in these economies appear to be most affected by elevated lending rates.Given these stresses, the ECB can undertake additional targeted policy measures, including through additional term loans, collateral policies, and private asset purchases.
The Euro Area and the Financial Crisis
Title | The Euro Area and the Financial Crisis PDF eBook |
Author | Miroslav Beblavý |
Publisher | Cambridge University Press |
Pages | |
Release | 2011-10-06 |
Genre | Business & Economics |
ISBN | 1139503634 |
The financial crisis of 2007–10 has presented a number of key policy challenges for those concerned with the long-term stability of the euro area. It has shown that price stability as provided by the European Central Bank is not enough to guarantee financial stability, and exposed fault lines in governance and deficiencies in the architecture of the financial supervisory and regulatory framework. This book addresses these and other issues, including why the crisis affected some countries more than others, whether the euro is still attractive for new EU states, and what policy changes and structural reforms, both macro and micro, should be undertaken to ensure its future viability. Written by a team of leading academic and central bank economists, the book also includes chapters on the cross-country incidence of the crisis, the Irish crisis and ECB monetary policy during the crisis, and studies on Spain, the Baltics, Slovakia and Slovenia.