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  1. Proportionality and Karlsruhe's ultra vires verdict
    ways out of constitutional pluralism?
    Autor*in: Höpner, Martin
    Erschienen: January 2021
    Verlag:  Max Planck Institute for the Study of Societies, Cologne, Germany

    In May 2020, for the first time in its history, the Federal Constitutional Court (FCC) of Germany declared Union acts as being ultra vires. According to the FCC, the European Central Bank (ECB) and the Court of Justice of the European Union (CJEU)... mehr

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    Max-Planck-Institut für ausländisches öffentliches Recht und Völkerrecht, Bibliothek
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    EG: IX Ec: 220
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    Bundesverfassungsgericht, Bibliothek
    Signatur:
    ZR 518-2021,1
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    Standort:
    Deutsche Universität für Verwaltungswissenschaften Speyer, Universitätsbibliothek
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    A III b 5577
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    In May 2020, for the first time in its history, the Federal Constitutional Court (FCC) of Germany declared Union acts as being ultra vires. According to the FCC, the European Central Bank (ECB) and the Court of Justice of the European Union (CJEU) had acted beyond their mandates because they did not apply strong proportionality standards to the ECB’s Public Sector Purchase Programme (PSPP). The resulting stalemate within constitutional pluralism has revived the discussion about the possible introduction of an Appeal Court with the “final say” over constitutional conflict. As the analysis of the PSPP conflict shows, such a judicial authority would reach its limits the more we move from the surface to the core of the struggles between European and national constitutional law. The different readings of proportionality are difficult to bridge, and the mutually exclusive claims about the nature of the supremacy of European law are not accessible to compromise at all. We should therefore not expect too much from an Appeal Court, if it were introduced. Im Mai 2020 hat das deutsche Bundesverfassungsgericht (BVerfG) erstmals europäische Rechtsakte als ultra vires klassifiziert. Dem Urteil zufolge haben die Europäische Zentralbank (EZB) und der Europäische Gerichtshof (EuGH) ihr Mandat überspannt, indem sie auf eine strenge Verhältnismäßigkeitsprüfung des Public Sector Purchase Programme (PSPP) der EZB verzichteten. Das Patt zwischen den Gerichten hat die Debatte über ein europäisches Berufungsgericht, das in europäischen Verfassungsgerichten das letzte Wort sprechen könnte, neu belebt. Wie die Analyse des PSPP-Konflikts verdeutlicht, würde ein neues Höchstgericht an Grenzen stoßen, sobald die Tiefenstruktur des Spannungsfelds zwischen Europarecht und mitgliedstaatlichem Verfassungsrecht in den Blick gerät. Die unterschiedlichen Lesarten des Verhältnismäßigkeitsprinzips lassen sich nur schwer überbrücken und der Konflikt über die Natur des Vorrangs des Europarechts ist Kompromissen gänzlich unzugänglich. Von einem Berufungsgericht, würde es gegründet, sollte daher nicht zu viel erwartet werden.

     
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  2. European Central Bank and Banco de España measures against the effects of COVID-19 on the monetary policy collateral framework, and their impact on Spanish counterparties
    Autor*in: Escolar, Jorge; Yribarren, José Ramón
    Erschienen: 2021
    Verlag:  Banco de España, Madrid

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Documentos ocasionales / Banco de España ; no. 2128
    Schlagworte: European Central Bank; Eurosystem; collateral; monetary policy; counterpartie
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  3. Uniformity, differentiation, and experimentalism in EU financial regulation
    the single supervisory mechanism in action
    Autor*in: Zeitlin, Jonathan
    Erschienen: [2021]
    Verlag:  Amsterdam Centre for European Studies, Amsterdam

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    Schriftenreihe: SSRN research paper ; 2021, 04
    Schlagworte: financial regulation; banking supervision; European Union; European Central Bank; experimentalist governance; differentiated integration; hierarchy; polyarchy
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  4. The ECB's price stability framework
    past experience, and current and future challenges
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    The ECB's price stability mandate has been defined by the Treaty. But the Treaty has not spelled out what price stability precisely means. To make the mandate operational, the Governing Council has provided a quantitative definition in 1998 and a... mehr

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    The ECB's price stability mandate has been defined by the Treaty. But the Treaty has not spelled out what price stability precisely means. To make the mandate operational, the Governing Council has provided a quantitative definition in 1998 and a clarification in 2003. The landscape has changed notably compared to the time the strategy review was originally designed. At the time, the main concern of the Governing Council was to anchor inflation at low levels in face of the inflationary history of the previous decades. Over the last decade economic conditions have changed dramatically: the persistent low-inflation environment has created the concrete risk of de-anchoring of longer-term inflation expectations. Addressing low inflation is different from addressing high inflation. The ability of the ECB (and central banks globally) to provide the necessary accommodation to maintain price stability has been tested by the lower bound on nominal interest rates in the context of the secular decline in the equilibrium real interest rate. Against this backdrop, this report analyses: the ECB's performance as measured against its formulation of price stability; whether it is possible to identify a preferred level of steady-state inflation on the basis of optimality considerations; advantages and disadvantages of formulating the objective in terms of a focal point or a range, or having both; whether the medium-term orientation of the ECB's policy can serve as a mechanism to cater for other considerations; how to strengthen, in the presence of the lower bound, the ECB's leverage on private-sector expectations for inflation and the ECB’s future policy actions so that expectations can act as "automatic stabilisers" and work alongside the central bank.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948234
    Weitere Identifier:
    hdl: 10419/246200
    Schriftenreihe: Occasional paper series / European Central Bank ; no 269 (September 2021)
    ECB strategy review
    Schlagworte: European Central Bank; price stability; monetary policy strategy; effective lower bound; euro area
    Umfang: 1 Online-Ressource (128 Seiten), Illustrationen, Diagramme
  5. Media treatment of monetary policy surprises and their impact on firms' and consumers' expectations
    Autor*in: Pinter, Julien; Kočenda, Evžen
    Erschienen: [2021]
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    We empirically investigate whether monetary policy announcements affect firms' and consumers' expectations by taking into account media treatments of monetary policy announcements. To identify exogenous changes in monetary policy stances, we use the... mehr

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    We empirically investigate whether monetary policy announcements affect firms' and consumers' expectations by taking into account media treatments of monetary policy announcements. To identify exogenous changes in monetary policy stances, we use the standard financial monetary policy surprise measures in the euro area. We then analyze how a general newspaper and a financial newspaper (Le Monde and The Financial Times) report on announcements. We find that 87 % of monetary policy surprises are either not associated with the general newspaper reporting a change in the monetary policy stance to their readers or have a sign that is inconsistent with the media report of the announcement. When we use the raw monetary policy surprises variable as an independent variable in the link between monetary policy announcements and firms'/consumers' expectations, we mostly do not find, in line with several previous studies, any statistically significant association. When we take only monetary policy surprises that are consistent with the general newspaper report, in almost all cases we find that monetary policy surprises on the immediate monetary policy stance do affect expectations. Surprises related to future policy inclination and information shocks usually do not appear to matter. The results appear to be in line with rational inattention theories and highlight the need for caution in the use of monetary policy surprise measures for macroeconomic investigations.

     
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    Weitere Identifier:
    hdl: 10419/247397
    Schriftenreihe: IES working paper ; 2021, 30
    Schlagworte: firm expectations; consumer expectations; monetary policy surprises; European Central Bank; information effect
    Umfang: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  6. Unconventional monetary policy in the euro area
    a tale of three shocks
    Autor*in: Fanelli, Luca; Marsi, Antonio
    Erschienen: [2021]
    Verlag:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    High-frequency (HF) surprises of relevant asset prices around central bank meetings are extensively employed in the literature to identify the effects of conventional/unconventional monetary policy. This identification strategy assumes that these... mehr

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    High-frequency (HF) surprises of relevant asset prices around central bank meetings are extensively employed in the literature to identify the effects of conventional/unconventional monetary policy. This identification strategy assumes that these surprises reflect either a single unconventional 'monetary shock' or, as recently suggested, jointly an unconventional monetary shock and a central bank 'information shock'. In this paper we show that monetary policy in the euro area after 2008 is best characterized by three shocks, not two. Besides the unconventional monetary shock and the information shock, we consider a third shock resulting from the ECB directly managing fragmentation risk in the sovereign bond market. We call this additional shock 'spread shock', and show that it permits to solve a puzzle we observe in HF comovement of long term risk free rates and sovereign spreads around press conferences. We identify the dynamic causal effects produced by the three shocks through a proxy-SVAR methodology which, using HF surprises of the euro area risk-free yield curve, stock prices and sovereign spreads, combines sign-restrictions with narrative restrictions and then extracts external variables (instruments) from an admissible identification set. Empirical results, obtained through a daily proxy-SVAR and Local Projections based on monthly data, reveal that the spread shock represents an important ingredient of the transmission mechanism of the monetary policy after the Global Financial Crisis. It reflects ECB's attempt to offset self-fulling expectations of default in the euro area sovereign debt markets and behaves as a complement, not a substitute of the information shock.

     
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    hdl: 10419/245905
    Schriftenreihe: Quaderni - working paper DSE / Alma Mater Studiorum - Università di Bologna, Department of Economics ; no 1164
    Schlagworte: European Central Bank; Monetary Policy Shock; Proxy-SVAR; Spread Shock
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  7. Proportionality and Karlsruhe's ultra vires verdict
    ways out of constitutional pluralism?
    Autor*in: Höpner, Martin
    Erschienen: January 2021
    Verlag:  Max Planck Institute for the Study of Societies, Cologne, Germany

    In May 2020, for the first time in its history, the Federal Constitutional Court (FCC) of Germany declared Union acts as being ultra vires. According to the FCC, the European Central Bank (ECB) and the Court of Justice of the European Union (CJEU)... mehr

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    Archiv der Max-Planck-Gesellschaft, Bibliothek
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    Z 125 - 2021,1
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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Bundesverfassungsgericht, Bibliothek
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    Universitätsbibliothek Mannheim
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    Mannheimer Zentrum für Europäische Sozialforschung, Bibliothek
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    WP/Online
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    In May 2020, for the first time in its history, the Federal Constitutional Court (FCC) of Germany declared Union acts as being ultra vires. According to the FCC, the European Central Bank (ECB) and the Court of Justice of the European Union (CJEU) had acted beyond their mandates because they did not apply strong proportionality standards to the ECB’s Public Sector Purchase Programme (PSPP). The resulting stalemate within constitutional pluralism has revived the discussion about the possible introduction of an Appeal Court with the “final say” over constitutional conflict. As the analysis of the PSPP conflict shows, such a judicial authority would reach its limits the more we move from the surface to the core of the struggles between European and national constitutional law. The different readings of proportionality are difficult to bridge, and the mutually exclusive claims about the nature of the supremacy of European law are not accessible to compromise at all. We should therefore not expect too much from an Appeal Court, if it were introduced. Im Mai 2020 hat das deutsche Bundesverfassungsgericht (BVerfG) erstmals europäische Rechtsakte als ultra vires klassifiziert. Dem Urteil zufolge haben die Europäische Zentralbank (EZB) und der Europäische Gerichtshof (EuGH) ihr Mandat überspannt, indem sie auf eine strenge Verhältnismäßigkeitsprüfung des Public Sector Purchase Programme (PSPP) der EZB verzichteten. Das Patt zwischen den Gerichten hat die Debatte über ein europäisches Berufungsgericht, das in europäischen Verfassungsgerichten das letzte Wort sprechen könnte, neu belebt. Wie die Analyse des PSPP-Konflikts verdeutlicht, würde ein neues Höchstgericht an Grenzen stoßen, sobald die Tiefenstruktur des Spannungsfelds zwischen Europarecht und mitgliedstaatlichem Verfassungsrecht in den Blick gerät. Die unterschiedlichen Lesarten des Verhältnismäßigkeitsprinzips lassen sich nur schwer überbrücken und der Konflikt über die Natur des Vorrangs des Europarechts ist Kompromissen gänzlich unzugänglich. Von einem Berufungsgericht, würde es gegründet, sollte daher nicht zu viel erwartet werden.

     
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    Medientyp: Buch (Monographie)
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    Weitere Identifier:
    hdl: 21.11116/0000-0007-EACA-E
    RVK Klassifikation: PL 481
    Schriftenreihe: MPIfG discussion paper ; 21/1
    Schlagworte: constitutional conflict; Court of Justice of the European Union; European Central Bank; European law; European Monetary Union; Federal Constitutional Court; proportionality; Bundesverfassungsgericht; Europäische Währungsunion; Europäische Zentralbank; Europäischer Gerichtshof; Europarecht; Verfassungskonflikt; Verhältnismäßigkeit
    Umfang: 1 Online-Ressource (IV, 20 Seiten)
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    Gesehen am 24.02.2021

    Text englisch; Zusammenfassung in deutscher und englischer Sprache
  8. Monetary policy, twitter and financial markets
    evidence from social media traffic
    Autor*in: Masciandaro, Donato; Romelli, Davide; Rubera, Gaia
    Erschienen: [2021]
    Verlag:  BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Università Bocconi, Milano, Italy

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    Schriftenreihe: Working paper series / Bocconi ; n. 160 (April 2021)
    Schlagworte: monetary policy; central bank communication; financial markets; socialmedia; Twitter; Federal Reserve; European Central Bank; Bank of England
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  9. Political voice on monetary policy
    evidence from the parliamentary hearings of the European Central Bank
    Autor*in: Ferrara, Federico M.; Masciandaro, Donato; Moschella, Manuela; Romelli, Davide
    Erschienen: [2021]
    Verlag:  BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Università Bocconi, Milano, Italy

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    Schriftenreihe: Working paper series / Bocconi ; n. 159 (April 2021)
    Schlagworte: accountability; European Central Bank; politicians; European Parliament
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  10. Tracing the impact of the ECB's asset purchase programme on the yield curve
    Autor*in: Eser, Fabian; Lemke, Wolfgang; Nyholm, Ken; Radde, Sören; Vladu, Andreea L.
    Erschienen: 31 January 2020
    Verlag:  Verein für Socialpolitik, [Köln]

    We trace the impact of the European Central Bank (ECB) asset purchase programme (APP) on the yield curve. Exploiting granular information on sectoral asset holdings and ECB asset purchases, we construct a novel measure of the "free-float of duration... mehr

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    We trace the impact of the European Central Bank (ECB) asset purchase programme (APP) on the yield curve. Exploiting granular information on sectoral asset holdings and ECB asset purchases, we construct a novel measure of the "free-float of duration risk" borne by pricesensitive investors. We include this supply variable in an arbitrage-free term structure model in which central bank purchases reduce the free-float of duration risk and hence compress term premia of yields. We estimate the stock of current and expected future APP holdings to reduce the 10y term premium by almost one percentage point. This reduction is persistent, with a half-life of five years. The expected length of the reinvestment period after APP net purchases has a significant impact on term premia.

     
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    hdl: 10419/224540
    Schriftenreihe: Jahrestagung 2020 / Verein für Socialpolitik ; 41
    Schlagworte: Term structure of interest rates; term premia; central bank asset purchases; monetarypolicy; European Central Bank
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  11. Trust in the ECB in turbulent times
    Autor*in: Cruijsen, Carin van der; Samarina, Anna
    Erschienen: [2021]
    Verlag:  De Nederlandsche Bank NV, Amsterdam, The Netherlands

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    Schriftenreihe: Working paper / De Nederlandsche Bank NV ; no. 722 (July 2021)
    Schlagworte: European Central Bank; trust; financial knowledge; COVID-19 crisis; inflation expectations; spending decisions
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  12. COVID-induced sovereign risk in the Euro Area
    when did the ECB stop the contagion?
    Autor*in: Ortmans, Aymeric; Tripier, Fabien
    Erschienen: 05.10.20
    Verlag:  CEPII, Paris

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    Schriftenreihe: Working paper / CEPII ; no 2020, 11 (October)
    Schlagworte: COVID-19; European Central Bank; Sovereign debt; Monetary policy; Local projections
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  13. Weiss and EU Union banking law
    a test for the fundamental principles of the treaty
    Autor*in: Annunziata, Filippo; Lamandini, Marco; Ramos Muñoz, David
    Erschienen: 13/07/2020
    Verlag:  European Banking Institute e.V., Frankfurt am Main, Germany

    The Weiss affair, which culminated in the BVerfG ruling of 5 May 2020, marks a break-up point in the long-standing dialogue between the BVerfG and the CJEU. The judges in Karlsruhe refused to follow the decision rendered by the CJUE in a preliminary... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    The Weiss affair, which culminated in the BVerfG ruling of 5 May 2020, marks a break-up point in the long-standing dialogue between the BVerfG and the CJEU. The judges in Karlsruhe refused to follow the decision rendered by the CJUE in a preliminary ruling and admonished the German parliament and government to “work towards a proportionality analysis by the ECB” in relation to the so called “Public Sector Purchase Programme”. This paper claims that the arguments employed by the BVerfG in the Weiss judgement are quite similar to those employed in the Gauweiler and Landeskreditbank-Banking Union cases and that the Weiss judgment must therefore by read in conjunction with those precedents. Considering that background, it will be argued that the construction of the principles employed by the BVerfG for the judicial review of the EU acts have not undergone any substantial changes over time. The different outcome in the Weiss judgement rather depends on the fact that, in Weiss, the BVerfG believes that insufficient elements of explanation and justification were provided by the ECB and the CJEU. Therefore, the problem of the Weiss case ends up being a procedural question of statement of reasons. Eventually, it will be pointed out that these judgements show that a common standard for the judicial review of the ECB's decision exists, although the intensity of the review still varies depending on whether the ECB decision concerns monetary policy or banking supervision and resolution

     
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    Schriftenreihe: EBI working paper series ; no. 67 (2020)
    European Banking Institute Working Paper Series 2020 - ; no. 67
    Schlagworte: European Central Bank; German Constitutional Court; Court of Justice of the European Union; European Banking Union; EU; Ultra vires; proportionality; sovereign bonds; Weiss; Gauweiler; Landeskreditbank; statement of reasons
    Umfang: 1 Online-Ressource (circa 64 Seiten)
  14. Central banks' "Green Shift" and the energy transition
    Autor*in: Eliet-Doillet, Alice; Maino, Andrea Giulio
    Erschienen: March 2022
    Verlag:  The Oxford Institute for Energy Studies, [Oxford]

    Central banks worldwide are stepping up actions in relation to climate change and taking on an increasingly important role in supporting the energy transition. Given the prominent role that central banks play in the financial markets and in... mehr

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    Central banks worldwide are stepping up actions in relation to climate change and taking on an increasingly important role in supporting the energy transition. Given the prominent role that central banks play in the financial markets and in influencing financing conditions, they can act as a powerful catalyst in addressing climate change. But their involvement and the potential consequences need to be evaluated in light of the trade-offs that central banks face. In this paper, we first focus on the European Central Bank and the Bank of England, as they are among the first and more active institutions that have been implementing 'green' policies. We then turn to central banks in developing countries, which have also been active in supporting the development of local green finance markets. However, governance and country-specific risks can impair central banks' efforts, especially in developing countries where these risks remain high.

     
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    Sprache: Englisch
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    ISBN: 9781784671976
    Weitere Identifier:
    hdl: 10419/253284
    Schriftenreihe: Array ; 10
    Schlagworte: Bank of England; Central Banks; Climate Change; Energy Transition; European Central Bank; green bonds; green financing; Green Policies; Monetary Policy; Net Zero Pathways
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  15. Considerations on the monetary policy framework of the European Central Bank
    Autor*in: Tosato, Andrea Giorgio
    Erschienen: [2022]
    Verlag:  Central Bank of Malta, [Valletta]

    This working paper offers some considerations on the monetary policy framework of the European Central Bank. The trade-offs arising from adopting a point target configuration over a range target one are assessed in terms of their flexibility vs.... mehr

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    This working paper offers some considerations on the monetary policy framework of the European Central Bank. The trade-offs arising from adopting a point target configuration over a range target one are assessed in terms of their flexibility vs. inflation anchoring properties. This layout is then confronted with the policy framework in use in the euro area prior to the adoption of the new monetary strategy, which is interpreted as leaning on the side of flexibility. The increased likelihood of dis-anchoring of long-term inflation expectations experienced in the euro area since 2013, however, suggests that the policy framework could benefit from a rebalancing towards a formulation with stronger anchoring properties. The inflation aim of the ECB could thus be reformulated with the introduction of a symmetric 2%-point target. By evaluating this arrangement in terms of the price stability definition, two regions emerge where either the policy aim (symmetric 2%-point target) or the price stability definition (between 0% and 2%) are satisfied, but not both. To avoid any inconsistency in the policy framework, an inflation aim centred at 2% requires an amendment of the price stability definition.

     
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    hdl: 10419/268293
    Schriftenreihe: Working papers / Central Bank of Malta ; WP/2022, 01
    Schlagworte: Inflation Targeting; European Central Bank; Inflation Expectations; Price Stability
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  16. The past, present and future of euro area monetary-fiscal interactions
    Autor*in: Whelan, Karl
    Erschienen: 09 February 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17021
    Schlagworte: European Central Bank; monetary financing; Monetary-fiscal interactions
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  17. Where do we stand with "whatever it takes"?
    Autor*in: Whelan, Karl
    Erschienen: 11 June 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17378
    Schlagworte: European Central Bank; euro; whatever it takes; fragmentation; OMT
    Umfang: 1 Online-Ressource (circa 24 Seiten)
  18. How do Members of the European Parliament (MEPs) hold the European Central Bank (ECB) accountable?
    a descriptive quantitative analysis of three accountability forums (2014-2021)
    Autor*in: Massoc, Elsa Clara
    Erschienen: [2022]
    Verlag:  DFG Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    The ECB is independent, but it is also accountable to the European parliament (EP). Yet, how the EP has held the ECB accountable has largely been overlooked. This paper starts addressing this gap by providing descriptive statistics of three... mehr

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    The ECB is independent, but it is also accountable to the European parliament (EP). Yet, how the EP has held the ECB accountable has largely been overlooked. This paper starts addressing this gap by providing descriptive statistics of three accountability modalities. The paper highlights three findings. First, topics of accountability have changed. Climaterelated accountability has increased quickly and dramatically since 2017. Second, if the relationship between price stability and climate change remains an object of conflict among MEPs, a majority within the EP has emerged to put pressure for the ECB to take a more active stance against climate change, precisely on behalf of its price stability mandate. Third, MEPs engage with the climate topic in very specific ways. There is a gender divide between the climate and the price stability topics. Women engage more actively with climate-related topics. While the Greens heavily dominate the climate topic, parties from the Right dominate the topic of Price stability. Finally, MEPs adopt a more united strategy and a particularly low confrontational tone in their climate-related interventions.

     
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    Schriftenreihe: LawFin working paper ; no. 40
    Schlagworte: accountability; European Central Bank; European Parliament; climate; price stability
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  19. Climate change versus price stability
    how "green" central bankers and members of the European parliament became pragmatic (yet precarious) bedfellows
    Autor*in: Massoc, Elsa C.
    Erschienen: [2022]
    Verlag:  DFG Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    The European Central Bank (ECB) recently proclaimed a more active role for itself in the fight against climate change. Did the European Parliament (EP) play a part in this regard, and if so what was it? To answer this question, this paper builds on a... mehr

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    The European Central Bank (ECB) recently proclaimed a more active role for itself in the fight against climate change. Did the European Parliament (EP) play a part in this regard, and if so what was it? To answer this question, this paper builds on a multi-method text analysis of original datasets compiling communications between the ECB and the EP across three accountability forums between 2014 and 2021. The paper shows that there has been discursive convergence between central bankers and parliamentarians concerning the role of the ECB in combatting climate change. It argues that this convergence has resulted from a pragmatic (yet precarious) adoption of a common repertoire1 between 'green' central bankers and parliamentarians who have favored a more active role for the ECB in the fight against climate change. The adoption of a common repertoire is pragmatic, in that it results from the strategic use of specific discursive elements that are ambitious enough to address their respective opponents and trigger political change, yet vague enough to allow both sets of actors to converge on them momentarily. It is also precarious in the sense that it involves discarding fundamental political tensions, which is hardly tenable in the long term. The paper shows that both organizational and politicization dynamics have been at work in the emergence of this pragmatic yet precarious bedfellowship between 'green' central bankers and parliamentarians.

     
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    hdl: 10419/261463
    Schriftenreihe: LawFin working paper ; no. 33
    Schlagworte: accountability; politicization; European Central Bank; European Parliament; climate; price stability
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  20. Eurozone government bond spreads
    a tale of different ecb policy regimes
    Autor*in: Eijffinger, Sylvester C. W.; Pieterse-Bloem, Mary
    Erschienen: 7 September 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17533
    Schlagworte: conventional and unconventional monetary policy; Economic and Monetary Union; European Central Bank; European financial markets and European sovereign bond spreads
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  21. The Eurozone as an inflation target zone
    Autor*in: Della Posta, Pompeo; Tamborini, Roberto
    Erschienen: October 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    In the revised monetary policy strategy of the European Central Bank (ECB), "price stability is best maintained by aiming for two per cent inflation over the medium term", with "symmetric commitment" to this target. "Symmetry means that the Governing... mehr

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    In the revised monetary policy strategy of the European Central Bank (ECB), "price stability is best maintained by aiming for two per cent inflation over the medium term", with "symmetric commitment" to this target. "Symmetry means that the Governing Council considers negative and positive deviations from this target as equally undesirable". In this article, we therefore analyse this policy strategy through a model of inflation target zone, with a central value and symmetric upper and lower bounds on inflation, within which the central bank may decide not to intervene, provided inflation is expected to fluctuate around the central value. We show that the policy benefits guaranteed by a target zone can be dissipated if market agents are uncertain about its width.

     
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    hdl: 10419/267247
    Schriftenreihe: CESifo working paper ; no. 10014 (2022)
    Schlagworte: European Central Bank; monetary policy strategy; inflation target zones
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  22. Conceptual note on inflation targeting types and their performance in anchoring inflation expectations
    Autor*in: Cleanthous, Lena T.
    Erschienen: November 2020
    Verlag:  Central Bank of Cyprus, Nicosia, Cyprus

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    Schriftenreihe: Working paper series / Central Bank of Cyprus, Eurosystem ; 2020, 1
    Schlagworte: European Central Bank; price stability; monetary policy strategy; inflation targets; point target; range target
    Umfang: 1 Online-Ressource (circa 18 Seiten), Illustrationen
  23. Can EU bonds serve as euro- denominated safe assets?
    Autor*in: Bletzinger, Tilman; Greif, William; Schwaab, Bernd
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    A safe asset is of high credit quality, retains its value in bad times, and is traded in liquid markets. We show that bonds issued by the European Union (EU) are widely considered to be of high credit quality, and that their yield spread over German... mehr

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    A safe asset is of high credit quality, retains its value in bad times, and is traded in liquid markets. We show that bonds issued by the European Union (EU) are widely considered to be of high credit quality, and that their yield spread over German Bunds remained contained during the 2020 Covid-19 pandemic recession. Recent issuances and taps under the EU's SURE and NGEU initiatives helped improve EU bonds' market liquidity from previously low levels, also reducing liquidity risk premia. Eurosystem purchases and holdings of EU bonds did not impair market liquidity. Currently, one obstacle to EU bonds achieving a genuine euro-denominated safe asset status, approaching that of Bunds, lies in the one-off, time-limited nature of the EU's Covid-19-related policy responses.

     
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    ISBN: 9789289952972
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    hdl: 10419/269119
    Schriftenreihe: Working paper series / European Central Bank ; no 2712 (August 2022)
    Schlagworte: European Central Bank; European Union; EU-issued bonds; NextGenerationEU (NGEU); market liquidity; Pandemic Emergency Purchase Programme (PEPP)
    Umfang: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  24. Global combinations of expert forecasts
    Autor*in: Qian, Yilin; Thompson, Ryan; Vasnev, Andrey L.
    Erschienen: [2022]
    Verlag:  The University of Sydney Business School, [Sydney, NSW, Australia]

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    Schriftenreihe: Business analytics working paper series ; no: BAWP-2022, 02 (July 2022)
    Schlagworte: Forecast combination; local forecasting; global forecasting; multi-task learning; European Central Bank; Survey of Professional Forecasters
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  25. The Phillips Curve at the ECB
    Autor*in: Eser, Fabian; Karadi, Peter; Lane, Philip R.; Moretti, Laura; Osbat, Chiara
    Erschienen: March 1, 2020
    Verlag:  Verein für Socialpolitik, [Köln]

    We explain the role of the Phillips Curve at the ECB in the analysis of the economic outlook and the formulation of monetary policy. First, revisiting the structural Phillips Curve, we highlight the challenges in recovering structural parameters from... mehr

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    We explain the role of the Phillips Curve at the ECB in the analysis of the economic outlook and the formulation of monetary policy. First, revisiting the structural Phillips Curve, we highlight the challenges in recovering structural parameters from reduced-form estimates and relate the reduced-form Phillips Curve to (semi-)structural models used at the ECB for policy analysis. Second, we identify the slope of the structural Phillips Curve following two approaches: one that exploits cross-country variation and the other using high-frequency monetary policy surprises as external instruments. Third, we present reduced-form evidence based on thick-modelling and dynamic model averaging techniques, focusing on the relation between slack and in ation and the role of in ation expectations. In relation to the recent weakness of in ation, we discuss the role of firm profits in the pass-through from wages to prices and the contribution of external factors. Overall, the available evidence supports the view that the absorption of slack and a firm anchoring of in ation expectations remain central to successful in ation stabilisation.

     
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    hdl: 10419/224627
    Schriftenreihe: Jahrestagung 2020 / Verein für Socialpolitik ; 99
    Schlagworte: Ination; Phillips Curve; Monetary Policy; European Central Bank
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen