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  1. Central bank governance in monetary policy economics (1981-2020)
    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. 153 (January 2021)
    Schlagworte: monetary policy; central bank independence; central banker conservatism; monetary policy committees; political economics; behavioural economics
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  2. Exchange rate and inflation under weak monetary policy
    Turkey verifies theory
    Erschienen: 24 April 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17248
    Schlagworte: central bank independence; Taylor principle; weak monetary policy; effective upperbound; Currency Crisis; inflation spirals; emerging markets; Turkey
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  3. Shaky foundations Central bank independence in the 21st century
    Erschienen: [2022]
    Verlag:  EconomiX - UMR7235, Université Paris Nanterre, Nanterre

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    Schriftenreihe: Working paper / EconomiX ; 2022, 16
    Schlagworte: central bank independence; monetary policy; macroprudential policy
    Umfang: 1 Online-Ressource (circa 24 Seiten)
  4. The burst of high inflation in 2021-22
    how and why did we get here?
    Autor*in: Reis, Ricardo
    Erschienen: 29 July 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17514
    Schlagworte: Inflation; Geldpolitik; Schock; Inflationserwartung; Großbritannien; USA; Eurozone; Price level; central bank independence; r-star; dove; hawk
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  5. Institutional design and credibility
    Erschienen: June 2020
    Verlag:  Madras School of Economics, Chennai, India

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    Schriftenreihe: Working paper / Madras School of Economics ; 193 (2020)
    Schlagworte: central bank; central bank independence; inflation persistence; monetary policy credibility; policy making; time-inconsistency
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  6. Institutional framework of central bank independence: revisited
    Erschienen: 2021
    Verlag:  University of Warsaw, Faculty of Economic Sciences, Warsaw

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    Schriftenreihe: Working papers / Faculty of Economic Sciences, University of Warsaw ; no. 2021, 6 = 354
    Schlagworte: central bank independence; uncertainty; political economy; law & economics; institutional economics
    Umfang: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  7. The burst of high inflation in 2021-22
    how and why did we get here?
    Autor*in: Reis, Ricardo
    Erschienen: December 2022
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 1060
    Schlagworte: Price level; central bank independence; r-star; dove; hawk
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
    Bemerkung(en):

    The 21st BIS Annual Conference took place in Basel, Switzerland, on 24 June 2022. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the topic "Central banking after the pandemic: challenges ahead". The papers presented at the conference are released as BIS Working Papers, nos 1060, 1061, 1062 and 1063

  8. Connected lending of last resort
    Erschienen: 21 January 2023
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17831
    Schlagworte: Weltwirtschaftskrise; Bankenkrise; Bankenliquidität; Zentralbank; Lender of Last Resort; Zentralbankunabhängigkeit; Geldpolitik; Geschichte; Frankreich; Lender of last resort; fiscal backing; central-bank solvency; central-bank design; banking crises; central bank independence; Banque de France; Great Depression
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  9. Connected lending of last resort
    Erschienen: January 2023
    Verlag:  CESifo, Munich, Germany

    Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort,... mehr

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    Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for this core function of central banks. We show that, when faced with a banking panic in November 1930, the Banque de France (BdF) lent selectively rather than broadly, providing substantially more liquidity to connected banks - those whose board members were BdF shareholders. The BdF's selective lending policy failed to internalize a negative externality - that lending would be insufficient to arrest the panic and that distress via contagion would spillover to connected banks. Connected lending of last resort fueled the worst banking crisis in French history, caused an unprecedented government bailout of the central bank, and resulted in loss of shareholder control over the central bank.

     

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    hdl: 10419/271870
    Schriftenreihe: CESifo working papers ; 10226 (2023)
    Schlagworte: Weltwirtschaftskrise; Bankenkrise; Bankenliquidität; Zentralbank; Lender of Last Resort; Zentralbankunabhängigkeit; Geldpolitik; Geschichte; Frankreich; lender of last resort; fiscal backing; central-bank solvency; central-bank design; banking crises; central bank independence; Banque de France; Great Depression
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  10. The Federal Reserve in the shadow of the Bank of Japan
    Erschienen: November 2017
    Verlag:  Columbia Business School, Center on Japanese Economy and Business, New York

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    Schriftenreihe: Working paper series / Columbia Business School, Center on Japanese Economy and Business ; no. 362
    Schlagworte: Federal Reserve; Bank of Japan; Abe’s three arrows; central bank independence
    Umfang: 1 Online-Ressource (circa 24 Seiten)
  11. What can keep euro area inflation high?
    Autor*in: Reis, Ricardo
    Erschienen: 19 August 2023
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP18375
    Schlagworte: monetary policy; interest rates; central bank independence
    Umfang: 1 Online-Ressource (circa 30 Seiten)
  12. Inflation and energy price shocks
    lessons from the 1970s
    Erschienen: [2023]
    Verlag:  Banca d'Italia, [Rom]

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    Schriftenreihe: Questioni di economia e finanza / Banca d'Italia ; number 790 (July 2023)
    Schlagworte: economic history; inflation; oil shocks; monetary policy; wage indexation; fiscalpolicy; central bank independence
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  13. Anti-fragmentation: an incomplete diagnosis and wrong solution
    Erschienen: [2023]
    Verlag:  CASE, Center for Social and Economic Research, Warsaw, Poland

    The euro area suffers from excessive public debt, which is the primary cause of the so-called fragmentation. It should be remedied by fiscal consolidation instead of the quasi-fiscal activities of the European Central Bank, which are inconsistent... mehr

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    The euro area suffers from excessive public debt, which is the primary cause of the so-called fragmentation. It should be remedied by fiscal consolidation instead of the quasi-fiscal activities of the European Central Bank, which are inconsistent with its legal status, compromise its independence and undermine its price stability mandate. When targeted market intervention is necessary, it should be provided by the European Stability Mechanism. This paper was provided by the Policy Departmentfor Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 26 September 2022.

     

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    ISBN: 9788367407069
    Schriftenreihe: CASE reports ; no. 506 (2023)
    Schlagworte: European Central Bank; European Union; euro area; fiscal discipline; public debt; Transmission Protection Mechanism; Securities Market Programme; Outright Monetary Transactions; Emergency Liquidity Assistance; fragmentation; central bank independence
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  14. History of Bank of Japan's more than two decades of unconventional monetary easing with special emphasis on the frameworks pursued in the last 10 years
    Erschienen: [2023]
    Verlag:  Asian Development Bank Institute, Tokyo, Japan

    Low inflation hit the Japanese economy shortly after the burst of the bubble in stocks and real estate in 1991 and has haunted the domestic economy ever since. The bubbles were partly attributable to prolonged monetary easing in the second half of... mehr

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    Low inflation hit the Japanese economy shortly after the burst of the bubble in stocks and real estate in 1991 and has haunted the domestic economy ever since. The bubbles were partly attributable to prolonged monetary easing in the second half of 1980s, which was conducted to increase domestic demand and mitigate the recession induced by the appreciation of the Japanese yen. Furthermore, the country was adversely affected by US pressure to reduce trade deficits and resolve the prolonged trade dispute. In the early 1990s, Japan faced sluggish economic growth and low inflation, as well as severe structural financial and corporate sector balance sheet problems. Reflecting global trends regarding providing central banks with operational independence and the lessons learnt from Japan's bubble experience, meanwhile, the Bank of Japan (BOJ) was granted independence under the new 1997 Bank of Japan Act. Japan's economic problems starting from the 1980s also coincided with the period when the global Great Moderation was only it its early stages. The newly independent BOJ, in order not to put its credibility at risk, opted for cautiousness, which proved to be excessive. Not only was there a reversal in the August 2000 rate increase, but the BOJ also launched an unprecedented monetary experiment in 2001 called Quantitative Easing Policy. Moving the main operational target from short-term interest rates to current account balances at the BOJ and supplying sufficient liquidity beyond the required reserves was a milestone in the history of central banking. This shift was accompanied by subsequent novel monetary easing policies that were pursued over the last 20 years. Ever since, the BOJ has become not only a pioneer in pursuing unconventional monetary policies, but also a reference point for other central banks. At this stage, it is difficult to judge the effectiveness and efficiency of the BOJ's policy tools, as achievement of inflation beyond the 2% price stability target since last year is clouded by doubts regarding its sustainability. This paper provides a detailed description of the BOJ's policy, especially under Haruhiko Kuroda's 10-year governorship.

     

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    Schriftenreihe: ADBI working paper series ; no. 1380 (May 2023)
    Schlagworte: monetary policy; yield curve control; quantitative and qualitative monetary easing; negative interest rate policy; the Bank of Japan; central bank independence; inflation targeting
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  15. Understanding and predicting monetary policy framework choice
    Autor*in: Sullivan, Megan
    Erschienen: January 2024
    Verlag:  Heriot-Watt University, [Edinburgh]

    This paper investigates the determinants of countries' choice of monetary policy frameworks (MPF) for emerging and developing countries. Countries make different MPF choices and we think it is because they have different country-level characteristics... mehr

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    This paper investigates the determinants of countries' choice of monetary policy frameworks (MPF) for emerging and developing countries. Countries make different MPF choices and we think it is because they have different country-level characteristics (e.g. democratic strength and trade networks). By covering 87 countries from 1985-2017, we investigate the role these characteristics play in predicting MPF choice. A highlight of this paper is that it uses a tailored variable to measure the volume of trade with a network that pegs to an anchor currency. We find that a country is significantly more likely to choose an exchange rate MPF when the volume increases. The model used in this paper correctly predicts 74% of MPF choice when done via a cross-validation method. This paper enables policymakers to see which MPF countries similar to their own have chosen, and they can decide if it is suitable for them, too.

     

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    hdl: 10419/280994
    Schriftenreihe: Accountancy, economics, and finance working papers ; 2024, 01
    Schlagworte: Inflation targeting; central bank independence; trade networks; cross-validation
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  16. Trends in central bank independence
    a de-jure perspective
    Autor*in: Romelli, Davide
    Erschienen: [2024]
    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. 217 (February 2024)
    Schlagworte: Central banking; central bank independence; central bank governance; legislative reforms
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  17. Does central bank transparency and communication affect financial and macroeconomic forecasts?
    Erschienen: October 5, 2017
    Verlag:  Swiss National Bank, Zurich

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    Schriftenreihe: SNB working papers ; 2017, 12
    Schlagworte: Central bank transparency; central bank communication; central bank independence; inflation targeting; forward guidance; macroeconomic forecasts; financial forecasts; panel data models with truncated data
    Umfang: 1 Online-Ressource (circa 60 Seiten), Illustrationen