Editors’ note: This column updates the 13 August 2007 column on the same topic and includes a slightly revised version of the content of the earlier column.
Long-run inflation expectations anchored more firmly in the euro area than in the United States
, Benjamin K. Johannsen, Andrew Levin , 24 October 2007
The United States and the euro area are economies of comparable size and openness; furthermore both the Federal Reserve and the European Central Bank (ECB) have a legal mandate to maintain price stability.
Federal Reserve policy actions in August 2007: frequently asked questions (updated)
Stephen Cecchetti, 15 August 2007
Federal Reserve policy actions in August 2007: frequently asked questions
Stephen Cecchetti, 13 August 2007
Let’s start with the facts: On Thursday 9 August 2007 the Federal Reserve’s Open Market Trading Desk (the “Desk”) injected $24 billion into the U.S. banking system.
Wake-up call for the ECB
Charles Wyplosz, 21 July 2007
President Sarkozy’s repeated criticism of the ECB may reveal a misunderstanding of the benefits of central bank independence or a lack of democratic accountability. Much as it would be reassuring to conclude that Sarkozy and other sceptics are simply mistaken, it would be dangerous to dismiss the view that there is a serious issue that needs to be addressed before too long.
Sarkozy on the ECB: Right intuition, wrong target
Francesco Giavazzi, 19 June 2007
During his electoral campaign, Nicolas Sarkozy repeatedly criticised the European Central Bank. Since becoming President, he has kept quiet, but he obviously remains sceptical of the Frankfurt institution. As on many other issues, Sarkozy’s intuition is correct, but he is aiming at the wrong target.
Taking the money out of monetary policy
Michael Woodford, 26 March 2007
Should money supply play a role in monetary policy-making?
Credibility does not require dogmatism - only clarity of purpose.
Olivier Blanchard, Francesco Giavazzi, 1 December 2005
It is now clear that the European Central Bank views higher interest rates as the right response to rising oil prices. As a result, the ECB risks painting itself into a corner, for the logic behind this week’s interest-rate hike implies that more increases will follow – a series of policy mistakes that will cost the Eurozone economies heavily.
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Helicopter money as a policy optionReichlin, Turner, Woodford
- Rethinking macroeconomic policyBlanchard
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
Reichlin, Turner, Woodford
CEPR Policy Research
- The "Greatest" Carry Trade Ever? Understanding Eurozone Bank RisksAcharya, Steffen
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí