1,721,172 research outputs found
L’euro : une réussite appelée à perdurer ?
No full textIssing Otmar. L’euro : une réussite appelée à perdurer ?. In: Revue d'économie financière, n°96, 2010. L'euro en 2019. pp. 31-38
The Future of the Euro : Will the Success Story Continue?
No full textIssing Otmar. The Future of the Euro : Will the Success Story Continue? . In: Revue d'économie financière (English ed.), n°96, 2010. The Euro in 2019. pp. 27-33
Monetary theory and monetary policy : reflections on the development over the last 150 years
Full text linkIn this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the development of this subject. We also try to illustrate some of the interactions with the political and financial system, academic discussion and the views and actions of central banks
A new paradigm for monetary policy?
Full text linkKeynote speech to Conference “Twenty Years of Transition – Experiences and Challenges”. Central Bank of Slovakia. Bratislava, 3 May 201
Monetary theory and monetary policy : reflections on the development over the last 150 years : [Version 8 Dezember 2012]
No full textIn this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the development of this subject. We also try to illustrate some of the interactions with the political and financial system, academic discussion and the views and actions of central banks
Lessons for monetary policy: what should the consensus be?
Full text linkThis paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset prices, as is the case in this monetary policy approach, can lead to financial instability. In contrast, giving, inter alia, monetary factors a role in central banks’ policy decisions, as is done in the ECB’s encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering financial stability. Finally, this paper makes a case against increasing the central banks’ inflation target. JEL Classification: E44, E52, E58 Keywords: Inflation Targeting, Asset Prices, Financial Stability, EC
Challenges for monetary policy
Full text linkThe financial crisis which started in 2007 has caused a tremendous challenge for monetary policy. The simple concept of inflation targeting has lost its position as state of the art. There is a debate on whether the mandate of a central bank should not be widened. And, indeed, monetary policy has been very accommodative in the last couple of years and central banks have modified their communication strategies by introducing forward guidance as a new policy tool. This paper addresses the consequences of these developments for the credibility, the reputation and the independence of central banks. It also comments on the recent debate among economists concerning the question whether the ECB's OMT program is compatible with its mandate
Book review: on the need to renovate the Eurozone
No full textAuthor reviews: Issing, Otmar, The Birth of the Euro, Cambridge University Press, Cambridge, 200
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