1,720,977 research outputs found
Independence and transparency of the European Central Bank: a theoretical and empirical approach
No full textThis PhD thesis studies and contributes to the literature regarding central bank independence and central bank transparency. The thesis is split into three parts with the first part (which coincides with the first chapter of the thesis) providing in-depth reviews of the issues and key papers of both the theoretical and empirical literature on the central bank independence and transparency. Furthermore, there is an extensive review of the goals and functions of the European Central Bank (ECB) as well a short survey concerning the issues of independence and transparency of the ECB. In the second part we examine how wage indexing affects the optimal degree of central bank conservativeness. In particular, in the third chapter of the thesis we develop a theoretical model when there is a monopoly worker union in the economy which is explicitly inflation-averse and examine how wage indexing affects the optimal degree of central bank conservativeness. In the fourth chapter we study the same issue but in a dynamic setting where the economy is characterized by employment persistence. In the third part we examine the relationship between central bank independence, central bank transparency and public debt policy. In particular, in the fifth chapter we empirically estimate the relationship between central bank transparency and the percentage of nominal debt for various OECD countries. In the sixth chapter we develop a theoretical model where we examine the inter-relationships between central bank independence, transparency and public debt issuing policy. The last part of the thesis reviews the results of the thesis and draws conclusions and recommendations towards the ECB.Η Διδακτορική Διατριβή μελετά και συνεισφέρει στην βιβλιογραφία της ανεξαρτησίας και της διαφάνειας των κεντρικών τραπεζών. Η εργασία είναι χωρισμένη σε τρεις ενότητες όπου στη πρώτη ενότητα διεξάγεται μια εκτενής επισκόπηση τόσο της θεωρητικής όσο και της εμπειρικής βιβλιογραφίας στα ζητήματα της ανεξαρτησίας και της διαφάνειας των κεντρικών τραπεζών. Επιπλέον, πραγματοποιείται εκτενής αναφορά και στην λειτουργία της Ευρωπαϊκής Κεντρικής Τράπεζας (ΕΚΤ) ως προς τους ρητούς στόχους που θέτει καθώς και στις θεσμικές ρυθμίσεις που διασφαλίζουν την ανεξαρτησία και διαφάνεια αυτής. Στη δεύτερη ενότητα εξετάζεται η επίδραση της αυτόματης τιμαριθμικής αύξησης των ονομαστικών μισθών επί της ανεξαρτησίας των κεντρικών τραπεζών μέσα από δύο διακριτά κεφάλαια. Συγκεκριμένα, στο τρίτο κεφάλαιο της Διατριβής αναπτύσσεται αλγεβρικό υπόδειγμα όπου εξετάζεται η επίδραση της αυτόματης τιμαριθμικής αύξησης των ονομαστικών μισθών στον βαθμό συντηρητισμού της κεντρικής τράπεζας όταν στην οικονομία υπάρχει μονοπωλιακή εργατική ένωση με ρητή απέχθεια στον πληθωρισμό. Το υπόδειγμα επεκτείνεται με την εισαγωγή γραμμικών συμβολαίων επί του πληθωρισμού οι οποίοι επιβάλλονται στον κεντρικό τραπεζίτη. Στο τέταρτο κεφάλαιο εξετάζεται η επίδραση της αυτόματης τιμαριθμικής αύξησης στον πληθωρισμό σε μια δυναμική οικονομία όπου υπάρχει επιμονή στην απασχόληση. Στην τρίτη ενότητα μελετάται η αλληλεπίδραση και συσχέτιση μεταξύ της διαφάνειας των κεντρικών τραπεζών και της πολιτικής έκδοσης δημοσίου χρέους. Συγκεκριμένα, στο πέμπτο κεφάλαιο της Διατριβής εξετάζεται εμπειρικά η οποιαδήποτε συσχέτιση μεταξύ του βαθμού διαφάνειας των κεντρικών τραπεζών και της πολιτικής έκδοσης δημοσίου χρέους, και πιο συγκεκριμένα του ποσοστού του ονομαστικού δημοσίου χρέους. Στο έκτο κεφάλαιο αναπτύσσεται θεωρητικό υπόδειγμα όπου εξετάζονται οι συσχετίσεις και αλληλεπιδράσεις μεταξύ της ανεξαρτησίας των κεντρικών τραπεζών, της διαφάνειας των κεντρικών τραπεζών και της πολιτικής έκδοσης δημοσίου χρέους. Η τελευταία ενότητα συνοψίζει τα αποτελέσματα της Διδακτορικής Διατριβής βάσει των οποίων αναπτύσσονται προτάσεις προς την ΕΚΤ
Capacity constraints, transmission investments, and incentive schemes
No full textWe consider firms facing uncertain demand, and study their problem of investing in an electricity line between two neighbouring countries, under capacity constraints, and incentive schemes. We consider three ownership structures: a state-owned transmission company, a merchant transmission investor, and a regulated firm. The firm's problem is to choose the optimal time and size of the interconnector. The government is concerned with the incentive design. We investigate how price caps, capacity targets and merchant investments affect the critical investment thresholds and characterize the government's optimal incentive. We find that price caps speed-up projects' development, while capacity targets reduce under-investments in capacity markets. Finally, we study the effect of investment decisions on the social welfare value.JRC.C.3 - Energy Security, Distribution and Market
Real Options Theory and EU Member States Energy Investment Strategies
No full textAccording to the European Commission’s latest energy and climate proposals (“Europe 2030”), Member States will be obliged to draft National Action Plans for competitive, secure and sustainable energy. In particular, these plans need to simultaneously address issues of achieving domestic objectives regarding renewable energy, energy savings, energy security, research and innovation, greenhouse gas emissions, nuclear energy, shale gas, carbon capture and storage, European Union level climate and energy objectives etc. Furthermore, coordination with neighbouring Member States as well as regional effects will also have to be taken into consideration.
Drafting these medium and long-term plans may be a challenging task for the Member States, especially given the uncertainties that the energy sector faces. In this paper, we examine how real options theory can be utilized to formulate these national plans, especially the underlying Member State energy investment strategies, through illustrative examples.JRC.F.3 - Energy Security, Systems and Marke
Selection of smart grids projects of common interest—past experiences and future perspectives
No full textThis paper discusses the authors’ experience gained with the selection of Projects of Common Interest (PCIs) in the thematic area of smart grids deployment, in the context of the TEN-E Regulation. It presents the framework for assessing candidate electricity smart grids for inclusion in the European Union list of PCIs, in view of the TEN-E Regulation and the existing literature on assessment methodologies for energy infrastructure projects. It also provides an overview of smart grid projects included in the PCI lists, with the aim to shed light on the types of projects and their contribution to accelerating the development of European cross-border energy infrastructure projects to respond to EU energy and climate targets. The paper concludes with discussion of recent regulatory initiatives and their potential implications on the presented methodology.JRC.C.3 - Energy Security, Distribution and Market
DIVERGENT OPTIMAL INFLATION RATES IN EURO AREA COUNTRIES OR "DOES ONE SIZE FIT ALL?"
No full textThe aim of this paper is to derive the optimal inflation rate for the euro area (EA) countries from the relationship between the aggregate inflation and the Relative Price Variability (RPV). In order to achieve this goal, we have utilized monthly data for the Harmonized Index of Consumer Prices between January 1997 and June 2013 for the first twelve EA countries and for the EA aggregate. In a first stage, parametric and semiparametric estimations allow us to find that the inflation-RPV relationship shows a U-shaped functional profile for the majority of the countries. In a second stage, within this benchmark and using both kinds of estimations, we obtain the optimal inflation rate defined as the one that minimises the RPV. Moreover, we test the sensitivity of our results to the time period and, for semiparametric estimation, to the bandwidth selected.
For EA individual countries and for the EA aggregate, it is formally shown that although the European Central Bank's "below but close to 2%" inflation target is (almost) optimal for the EA average, it is not close to the optimum inflation rate for most of the individual EA countries.JRC.F.3 - Energy Security, Systems and Marke
From debt to green growth: a policy proposal
No full textConcurrent and overlapping crises, such as the COVID-19 pandemic and increases in energy and food costs, are particularly affecting developing and poor countries, in addition to the continuous and growing negative impacts from climate change. In this paper, we develop a policy proposal and show through a model how an implicit debt servicing standstill for a country with large external debt can be combined with a policy for promoting power generation from renewable energy sources, with positive effects for economic growth and for ensuring debt sustainability. Through a typical decentralized competitive general equilibrium endogenous growth model, we show the long term effects of partially redirecting debt payments to green energy infrastructure to facilitate economic growth and achieve a sustained debt-to-output level. The results indicate that a higher percentage of external public debt increases public capital accumulation, resulting in a higher long-run growth rate, albeit with a slower transition to a steady state. Equivalent results are found regarding the level of financial aid provided for public productive capital.JRC.C.3 - Energy Security, Distribution and Market
On Central Bank Transparency, Independence and Public Debt Policy
Get PDFIn this paper we examine the case of partial central bank transparency and the interaction between public debt management and the design of monetary institutions. In particular, we establish a relationship between central bank transparency and nominal debt and find that it depends on whether the public has (ex-ante) under or overestimated the preferences of the central banker. Furthermore, we analytically examine the relationship between central bank transparency and central bank conservativeness and find it positive
Anorectal manometry after low anterior resection (LAR) of the rectum, chemotherapy and radiotherapy for rectal carcinoma
No full textIs 2% the optimal inflation rate for the Euro Area?
Get PDFAccording to the relevant literatu
re, monetary policy implications
concerning the optimal inflation rate can be derived by examining the relationship
between inflation and the Relative Price Variability (RPV). This paper studies this
issue for selected Euro Area (EA) countries, using monthly data for the Harmonized
Index of Consumer Prices. In particular, semi-parametric estimations are employed so
as to find the accurate form of the inflation-RPV relationship. The results indicate that
this relationship exhibits a U-shape functional profile. Furthermore, the optimal
inflation rates for the EA, France, Germany and Spain are also calculated. For all
countries and the EA, we find that although the European Central Bank
’
s
“
below but
close to 2 %
”
inflation target is optimal for the EA average, it is not the optimum
inflation rate for the individual counties.Junta de Andalucía SEJ-454
- …
