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The ECB
This report includes a detailed analysis of the European Central Bank's actions and will alert the public to the main issues raised by the policies pursued by the ECB during the previous year.
Role of Money in Monetary Policy: Why Do the Fed and ECB See it So Differently?
Monetary policymakers & central banks disagree sharply about the role of monetary aggregates in the conduct of monetary policy. These differences in views are reflected in the way the Federal Reserve & the European Central Bank (ECB) conduct monetary policy & communicate with the public. At the Fed., the Open Market Comm. no longer specifies targets or monitoring ranges for the monetary aggregates, & comm. members seldom mention the aggregates in their deliberations. In contrast, the ECB regularly examines the implications of money growth for the inflation outlook over the medium term to long term. This essay explains the reasons why the Fed. Reserve & ECB differ in their approach to the monetary aggregates. Charts & tables.
A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers
ECB President Draghi’s Jackson Hole speech in August 2014 arguably marked a new phase of unconventional monetary policies (UMPs) in the euro area. This paper examines the market impact and tranmission channels of this new wave of UMPs using a modified event study framework. They are found to have a more prominent impact on inflation expectations and exchange rates compared to the earlier UMP announcements. The impact on bank equity, however, is less significant in part due to narrowing profit margin in a low interest rate environment; and the marginal effect on sovereign spread compression has diminished. By extracting components of monetary policy shocks from the yield curve, we find that the traditional signaling channel of the monetary policy transmission continued to play an important role, but the portfolio rebalancing channel became more important in the new phase. Spillovers to non-euro area EU countries (the Czech Republic, Denmark, Poland, and Sweden) are transmitted mainly through the portfolio rebalancing channel, largely affecting sovereign yields and exchange rates.
The Allocation of Power in the Enlarged ECB Governing Council
This study analyses the allocation of power in the Governing Council of the European Central Bank (ECB) as it enlarges to accommodate new members of the economic and monetary union. For this purpose, classical power indices that have their origin in solutions of cooperative games are applied. First, an assessment is made of the effects of enlargement on the voting power of different subgroups of the Governing Council that arise in the wake of the continuous accession process. Second, a systematic comparison is carried out of the status quo role ('one member, one vote') with respect to the voting power of the ECB Executive Board and to the representativeness of European monetary policy, along with the potential for its re-nationalisation.
The Monetary Policy Strategy of the ECB Reconsidered
As one of the world's key central banks, the European Central Bank comes under intense public scrutiny. Yet, its constituency is diverse, with different national traditions of central banking and varied views about the conduct of monetary policy. The ECB acts on behalf of all the members of EMU, but belongs to no particular member state. It is accountable to the European Parliament, which has only a very recent tradition of oversight of monetary policy. For these reasons, there is a need for a regular, rigorous, non-partisan and pan-European analysis of the options facing the ECB and the policies it pursues. Monitoring the European Central Bank addresses this need. Written by a team of disti...
Preparing the ECB for Enlargement
Established in 1983, the Centre for Economic Policy Research (CEPR) is the only European economics research network, linking over 550 academic researchers based in more than 20 countries. CEPR research addresses key European and global policy issues, ranging from global financial crises to international trade policy; from the economic transformation of Central and Eastern Europe to European competition policy. We are the market leaders for research on all aspects of European integration. CEPR research has consistently influenced policy by orienting researchers to address policy-relevant questions, and by encouraging key decision-makers to focus on the results of this research when discussing...
The ECB'S Inflation Objective
The ECB's objective of medium-term inflation below 2 percent has been portrayed by critics as ambiguous, asymmetric, and excessively stringent. This paper attempts a comprehensive evaluation of the trade-offs for the euro area and finds that: (1) in terms of guiding inflation expectations and policymaking, the current definition has functioned much as would an inflation target centered on 1 1/2-1 3/4 percent; (2) the absence of a specific (point) target for medium-term inflation has encumbered the communication of monetary policy; and (3) a target toward the upper end of the ECB's price-stability range would seem, at least with the current membership of EMU, to strike a judicious balance between the benefits of price stability, on the one hand, and the need to assist relative price and wage adjustment across EMU and safeguard against deflation, on the other hand.
NHES, 91/93/95/96 Electronic Codebook (ECB) User's Guide
The National Household Education Survey (NHES) is a random digit dial telephone survey of households developed by the National Center for Education Statistics. It has been conducted in 1991, 1993, 1995, and 1996, with varying components each year. The NHES 91/93/95/96 CD-ROM contains an electronic codebook (ECB) program that, after being installed on a personal computer, allows the user to examine the variables in each of the NHES data sets as well as create Statistical Analysis System (SAS) or Statistical Package for the Social Sciences (SPSS) programs to generate an extract data file for any of the NHES data files on the CD-ROM. The files include the 1991 and 1995 Adult Education files, th...
ECB Spillovers to Emerging Europe: The Past and Current Experience
We provide new evidence on the spillover effects of ECB monetary policy shocks to emerging European economies, using a combination of empirical methods and model-based simulations and focusing on spillovers from interest rate and balance sheet policies implemented by the ECB. We consider an event study set around the ECB policy announcement in June 2022 and also use local projections to estimate regional spillovers in a panel of 16 Emerging European countries spanning 1999 to 2022. Identifying ECB monetary policy shocks as the unexplained component of changes in the three-month Euribor futures rate, we find that ECB monetary policy tightening induces more than one-for-one changes in governme...
ECB Euro Liquidity Lines
Central bank liquidity lines have gained momentum since the global financial crisis as a crosscurrency liquidity management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX markets relative to currencies not covered by these facilities by 51 basis points. Consistent with a stylized model, bank equity prices increase by around 1.75% in euro area countries highly exposed via banking linkages to countries whose currencies are targeted by liquidity lines.
