ECB credibility unprecedentedly low

Petra Geraats, Francesco Giavazzi, Charles Wyplosz, 9 September 2008

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The European Central Bank (ECB) attaches great importance to the credibility that people have in its ability to achieve its primary objective of price stability in the medium term.

Topics: Monetary policy
Tags: ECB, monetary policy

Central bank independence and transparency: Not just cheap talk (Part 1)

Christopher Crowe, Ellen E. Meade, 27 July 2008

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In recent days, French President Nicolas Sarkozy has called for changes that would increase the accountability of the European Central Bank, including the publication of meeting minutes for its Governing Council.1 This and other types of accountability measures are gen

Topics: EU institutions
Tags: Central Banks, ECB, transparency

How to prick local housing bubbles in a monetary union: regulation and countercyclical taxes

Alan Ahearne, Juan Delgado, Jakob von Weizsäcker, 27 June 2008

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Academics and central bankers across the world are again engaged in an intensive debate about how central banks should react to substantial rises in asset prices in the wake of recent booms and busts in housing markets in many countries. Until recently, there seems to have been a consensus that monetary policy should not be aggressively tightened in an attempt to prick a house price bubble.

Topics: Macroeconomic policy
Tags: ECB, housing bubbles, monetary union, regulation, taxes

Why central banking is no longer boring

Guido Tabellini, 23 June 2008

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Until a year ago, central bankers could boast with satisfaction that monetary policy had become boring. A widely shared “best practice” was followed by almost all central banks. Any controversies concerned technical nuances that were really only relevant to professionals in the field. Then came the credit crisis – and all certainties went out the window.

Topics: Monetary policy
Tags: Central Banks, ECB, Federal Reserve, inflation, inflation targetting

Why does the spread between LIBOR and expected future policy rates persist, and should central banks do something about it?

Francesco Giavazzi, 2 June 2008

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For a few months now the markets have been concerned by the persistence of a spread between the 1- and 3-month LIBOR (“London Interbank Offer Rate” – the interest rate at which banks lend money to each other without posting collateral) and the comparable overnight index swap rates (OIS), i.e. future expected policy rates (the Federal Funds rate in the U.S.

Topics: Financial markets
Tags: ECB, Federal Reserve, LIBOR, subprime crisis

Enough is enough: How many people should decide about monetary policy?

Helge Berger, Volker Nitsch, 30 May 2008

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A few weeks ago, the European Commission recommended that Slovakia should be allowed to join the eurozone as of January 1, 2009.

Topics: EU institutions
Tags: ECB, EU enlargement, Governing Council

Buiter’s warning: Who is the recapitaliser of last resort for the ECB?

Richard Baldwin, 8 May 2010

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The Fed, Bank of England and ECB have recently loaned money to banks against collateral that is riskier than usual – including mortgage-backed securities that are at the heart of the current crisis. Since some of these loans could go bad, questions arise: Can the central bank go broke? Who would recapitalise it if it did?

Topics: Financial markets, Monetary policy
Tags: Bank of England, Bank of Japan, Central Bank of Iceland, Central Banks, ECB, Federal Reserve, subprime crisis

Transparency and Governance

Petra Geraats, Francesco Giavazzi, Charles Wyplosz, 7 February 2008

URL: http://www.cepr.org/pubs/books/cepr/booklist.asp?cvno=P184
Topics: EU institutions, Monetary policy
Tags: ECB, inflation

No relief for ECB’s status quo headache from rotation

Mika Widgrén, 25 February 2008

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The most recent ECB Governing Council (GC) meeting on 7 February left the key ECB interest rates unchanged.

Topics: Monetary policy
Tags: ECB, Fed, Governing Council

Transparency and governance in the Eurozone

Petra Geraats, Francesco Giavazzi, Charles Wyplosz, 7 February 2008

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With euro area inflation rising, ECB credibility drifting down, the euro area economy slowing down and global financial markets unable to sort themselves out from the current turmoil, there is great uncertainty about the ECB’s next policy move.

Topics: EU institutions, Monetary policy
Tags: anticipated interest rate path, ECB, governance, transparency, voting records

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