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  1. Considerations on the monetary policy framework of the European Central Bank
    Author: Tosato, Andrea Giorgio
    Published: [2022]
    Publisher:  Central Bank of Malta, [Valletta]

    This working paper offers some considerations on the monetary policy framework of the European Central Bank. The trade-offs arising from adopting a point target configuration over a range target one are assessed in terms of their flexibility vs.... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 684
    Inter-library loan:
    No inter-library loan

     

    This working paper offers some considerations on the monetary policy framework of the European Central Bank. The trade-offs arising from adopting a point target configuration over a range target one are assessed in terms of their flexibility vs. inflation anchoring properties. This layout is then confronted with the policy framework in use in the euro area prior to the adoption of the new monetary strategy, which is interpreted as leaning on the side of flexibility. The increased likelihood of dis-anchoring of long-term inflation expectations experienced in the euro area since 2013, however, suggests that the policy framework could benefit from a rebalancing towards a formulation with stronger anchoring properties. The inflation aim of the ECB could thus be reformulated with the introduction of a symmetric 2%-point target. By evaluating this arrangement in terms of the price stability definition, two regions emerge where either the policy aim (symmetric 2%-point target) or the price stability definition (between 0% and 2%) are satisfied, but not both. To avoid any inconsistency in the policy framework, an inflation aim centred at 2% requires an amendment of the price stability definition.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/268293
    Series: Working papers / Central Bank of Malta ; WP/2022, 01
    Subjects: Inflation Targeting; European Central Bank; Inflation Expectations; Price Stability
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  2. Green Monetary Policy in the EMU and its Primary Law Limits
    Author: Mayer, Matthias; Schürger, Jonas
    Published: 2022
    Publisher:  SSRN, [S.l.]

    The issue of sustainability has hardly left any sector or area untouched. This also applies to financial markets: the EU Member States are trying to transform their economies into net-zero carbon ones, the Commission has presented a comprehensive... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    The issue of sustainability has hardly left any sector or area untouched. This also applies to financial markets: the EU Member States are trying to transform their economies into net-zero carbon ones, the Commission has presented a comprehensive action plan on sustainable finance, and the ECB and ESAs are increasingly focusing on ESG risks in their supervision. This wave has also reached the field of monetary policy. The ECB has explicitly declared its intention to green monetary policy.This chapter aims to contribute to the ongoing debate on European green monetary policy by addressing its primary legal framework. In a first step, the chapter describes the main instruments envisaged by the ECB to green the Union’s monetary policy. In a second step, the conformity of these measures with EU primary law is assessed. It will be examined whether the ECB has the necessary competences and whether other legal principles prevent the transformation to a green monetary policy. As a result, concrete primary law limits for a green monetary policy are derived from the analysis

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: European Banking Institute Working Paper Series ; 2022 - no. 127
    Subjects: Green Collateral; Green Bonds; Preferential Purchases; Market Neutrality; Institutional Balance; Price Stability
    Scope: 1 Online-Ressource (33 p)
    Notes:

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 22, 2022 erstellt
  3. Economic freedom in retrospect
    Author: Prados de la Escosura, Leandro
    Published: [2023]
    Publisher:  European Historical Economics Society, [Europa]

    This paper analyses economic freedom for a sample of 21 OECD countries over the past 170 years on the basis of a new thoroughly revised Historical Index of Economic Liberty (HIEL). Long-term gains in economic freedom reached two-thirds of its... more

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 790
    Inter-library loan:
    No inter-library loan

     

    This paper analyses economic freedom for a sample of 21 OECD countries over the past 170 years on the basis of a new thoroughly revised Historical Index of Economic Liberty (HIEL). Long-term gains in economic freedom reached two-thirds of its potential maximum. The expansion of economic freedom was abruptly interrupted by the world wars and resumed after 1950, to peak in 2000 and stagnate thereafter. International openness has been its main contributing dimension, especially after 1950. Stability in the country ranking coexisted with a narrowing of the distance between countries' levels of economic freedom.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/298534
    Series: EHES working paper ; no. 236 (June 2023)
    Subjects: Economic Freedom; Property Rights; Price Stability; Openness,Regulation; OECD
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  4. Opting out of the great inflation: German monetary policy after the break down of Bretton Woods
    Contributor: Beyer, Andreas (Mitwirkender); Gaspar, Vítor (Mitwirkender); Gerberding, Christina (Mitwirkender); Issing, Otmar (Mitwirkender)
    Published: 2009
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Contributor: Beyer, Andreas (Mitwirkender); Gaspar, Vítor (Mitwirkender); Gerberding, Christina (Mitwirkender); Issing, Otmar (Mitwirkender)
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2009,01
    Subjects: Geldpolitik; Geldmengensteuerung; Zinspolitik; Taylor-Regel; Inflationsbekämpfung; Geld; :z Geschichte; Münze; :z Geschichte 1975-1988; Deutschland; Deutsche Bundesbank; Geldpolitik; Geschichte 1970-1989
    Other subjects: (stw)1975-1988; (stw)Geldpolitik; (stw)Geldmengensteuerung; (stw)Zinspolitik; (stw)Taylor-Regel; (stw)Inflationsbekämpfung; (stw)Geldgeschichte; (stw)Deutschland; Inflation; Price Stability; Monetary Policy; Monetary Targeting; Policy Rules; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  5. Modern Money Theory 101
    a reply to critics
    Author: Tymoigne, Éric; Wray, L. Randall
    Published: 2013
    Publisher:  Levy Economics Inst., Annandale-on-Hudson, NY

    One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unencumbered by hard financial constraints. Through a detailed analysis of the institutions... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 88 (778)
    Inter-library loan:
    No inter-library loan

     

    One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unencumbered by hard financial constraints. Through a detailed analysis of the institutions and practices surrounding the fiscal and monetary operations of the treasury and central bank of many nations, MMT has provided institutional and theoretical insights about the inner workings of economies with monetarily sovereign and nonsovereign governments. MMT has also provided policy insights with respect to financial stability, price stability, and full employment. As one may expect, several authors have been quite critical of MMT. Critiques of MMT can be grouped into five categories: views about the origins of money and the role of taxes in the acceptance of government currency, views about fiscal policy, views about monetary policy, the relevance of MMT conclusions for developing economies, and the validity of the policy recommendations of MMT. This paper addresses the critiques raised using the circuit approach and national accounting identities, and by progressively adding additional economic sectors.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/110016
    Series: Working paper / Levy Economics Institute ; 778
    Subjects: Modern Money Theory; Price Stability; Full Employment; Financial Stability; Money
    Scope: Online-Ressource (57 S.), graph. Darst.