An increasing number of Latin American countries have been strengthening their monetary policy frameworks, using the monetary policy rate as their main instrument since the late 1990s.
To cut or not to cut, that is the (central banks') question: In search of neutral interest rates in Latin America
Nicolas Magud, Evridiki Tsounta, 16 January 2013
True independence for the ECB: Triggering power - no more, no less
Markus K Brunnermeier, Hans Gersbach, 20 December 2012
Governments are hesitating over how to resolve the financial distress of banks, leaving fragile banking structures in place. This problem is particularly pressing in the Eurozone; governments expect the ECB to continue providing cheap funding, undermining the bank’s independence.
Monetary policy in Latin America: Where are we going?
Christian Daude, 10 December 2012
Inflation targeting has served countries in Latin America well . They have achieved macroeconomic stability by reducing inflation and the pass-through of external shocks such as oil price and exchange rate fluctuations (cf. Mishkin and Schmidt-Hebbel 2007).
Using changes in auction maturity sectors to help identify the impact of QE on gilt yields
Ryan Banerjee, Sebastiano Daros, David Latto, Nick McLaren, 20 August 2012
The policy decisions of several of the world’s largest central banks turn on a tricky empirical judgement – the effect of quantitative easing purchases on government bond yields. In the UK, the empirics have got much harder.
The case for ‘deficit monetisation’ and greater cooperation between central banks and ministries of finance
Richard Wood, 18 August 2012
The Financial Times editorial (12 April 2012, under the heading ‘Waiting for Growth’) pointed to the widespread disappointment with policies of ‘quantitative easing’ (QE). These policies have now been applied in the US, Japan, the UK, and in the Eurozone without substantial evidentiary success on an ongoing basis.
The (other) deleveraging: What economists need to know about the modern money creation process
Manmohan Singh, Peter Stella, 2 July 2012
One of the financial system’s chief roles is to provide credit for worthy investments. Some very deep changes are happening to this system – changes that surprisingly few people are aware of.
Hume on hold?
Michael Burda, 17 May 2012
The great Scottish philosopher and economist David Hume understood all too well how national boundaries and balance-of-payment statistics affect and even determine flows of international trade. Where national boundaries exist, customs offices and government bureaucracies assiduously monitor the flow of goods and assets between countries.
Central Bank reserve creation in the era of negative money multipliers
Manmohan Singh, Peter Stella, 7 May 2012
The phenomenal increase in bank reserves that has resulted from central bank responses to the current financial crisis has led to considerable anxiety regarding a potentially explosive and uncontrollable future increase in inflation.
Central banks and gold puzzles
Joshua Aizenman, Kenta Inoue, 19 March 2012
On 7 August 2009, the European Central Bank released the following Joint Statement on Gold:
The role of central banks in financial stability: How has it changed?
Willem Buiter, 16 January 2012
Vox readers can download CEPR Discussion Paper 8780 for free here.
Topics: EU institutions, Financial markets, Global crisis, Global economy, Institutions and economics, Macroeconomic policy, Monetary policy, Politics and economics
Tags: accountability, Central Banks, financial stability, global crisis, unorthodox monetary policy
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Adelman, 28 October 2013
Reichlin, Giugliano, 7 November 2013
Holmes, McGrattan, Prescott
Beck, De Haas, Ongena
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche
- What’s wrong with Europe?Baldini, Manasse
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood