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The European Central Bank at Ten / edited by Jakob Haan, Helge Berger
Contributor(s): Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Series: SpringerLink BücherPublisher: Berlin, Heidelberg : Springer Berlin Heidelberg, 2010Description: Online-Ressource (XII, 196p. 27 illus, digital)ISBN:- 9783642142376
- 339
- 332.11094 22
- HB172.5
- HG2976
Contents:
Summary: Inflation Differentials in the Euro Area: A Survey -- The ECB’s Monetary Analysis Revisited -- Euro Area Monetary Policy in Uncharted Waters -- The Communication Policy of the European Central Bank: An Overview of the First Decade -- Governance and Monetary Policy Decision-Making at the ECB -- The ECB, Financial Supervision, and Financial Stability ManagementSummary: Coming at a critical juncture for the euro, the book takes stock of the ECB's experience during its first ten years and discusses the way ahead. The articles are written by well-known experts in the field and provide the reader with a comprehensive overview of relevant policy issues, including the ECB’s communication and its monetary strategy and instrumentsPPN: PPN: 1650219121Package identifier: Produktsigel: ZDB-2-SBE
The European Central Bankat Ten; Contents; About the Authors; List of Figures; List of Tables; 1 Introduction; 1.1…Background; 1.2…Inflation Differentials; 1.3…ECB Monetary Policy Strategy; 1.4…ECB Communication; 1.5…Governance of the ECB; 1.6…Financial Stability; References; 2 Inflation Differentials in the Euro Area: A Survey; 2.1…Introduction; 2.2…Inflation in Countries in the Euro Area, 1999--2008; 2.3…Explaining Inflation Differentials; 2.4…Are Inflation Differentials Persistent?; 2.5…Policy Implications; References; 3 The ECB's Monetary Analysis Revisited; 3.1…Introduction
3.2…A Brief Guide to the Monetary Analysis in the ECB's Strategy and its Evolution since 19983.3…Survey of the Theoretical Debate; 3.3.1 The Cashless Benchmark: The Standard New Keynesian General Equilibrium Model; 3.3.2 The Case for Money in the Generalized New Keynesian Model; 3.3.2.1 Non-Separability: Money and the Interest Rate Channel; 3.3.2.2 Information: Money as an Indicator; 3.3.2.3 Financial Frictions: Money and the Credit Channel; 3.3.2.4 Equilibrium Selection: Money and the Price Level; 3.3.3 The Case for Money in Partial Equilibrium Models
3.3.3.1 The P* Model: Money and the Price Level3.3.3.2 The Two-Pillar Phillips Curve: Money and Long-Run Inflation; 3.3.4 Summary; 3.4…The Importance of Money for Inflation Forecasts; 3.4.1 A Brief Survey of the Empirical Literature; 3.4.2 A Systematic Analysis of the Information Content of Money; 3.4.3 Summary; 3.5…Disaggregated Monetary Analysis; 3.5.1 The Background of the ECB's Disaggregated Monetary Analysis; 3.5.1.1 Velocity is not Constant; 3.5.1.2 Money is not Fully Exogenous; 3.5.2 Judgmental Adjustments to M3; 3.5.2.1 M3 Adjustments due to Statistical and Technical Factors
3.5.2.2 Portfolio Shifts3.5.2.3 Securitization; 3.5.3 Summary; 3.6…How Time Path Dependent Should the ECB's Monetary Strategy Be?; 3.7…Conclusions; References; 4 Euro Area Monetary Policy in Uncharted Waters; 4.1…Introduction; 4.2…ECB's Policy Response to the Crisis; 4.3…Has the Transmission Been Impaired?; 4.3.1 Transmission Channels; 4.3.2 Methodology; 4.3.2.1 Bi-variate VAR Regressions; 4.3.2.2 Theory-based (General Equilibrium) Framework; 4.3.3 Results; 4.3.3.1 Bi-variate VAR Regressions; 4.3.3.2 Theory-based (General Equilibrium) Framework
4.4…Monetary Policy and the Return of the Liquidity Trap4.4.1 Overview; 4.4.1.1 Shaping the Public's Expectations about Future Policy Rate Settings; 4.4.1.2 Quantitative Easing; 4.4.1.3 Credit Easing; 4.4.2 Empirical Assessment; 4.4.2.1 The Model; 4.4.2.2 Results; 4.5…Conclusions; 4.6…Appendix: Small Theory-based Model for the Euro Area; Inflation Equation (Phillips Curve); Aggregate Demand; Monetary Policy Reaction Function; Inflation Target; Loan Demand; Loan Supply; Credit Spread; Equilibrium Growth; Equilibrium Output; Equilibrium Real Interest Rate; Real Interest Rate; References
5 The Communication Policy of the European Central Bank: An Overview of the First Decade
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