Policy brief
23 November 2017
During the crisis, the ECB resorted to a number of unconventional monetary tools. This paper discusses how to phase out these policies and what the ‘n
Blog post
21 November 2017
The Phillips curve prescribes a negative trade-off between inflation and unemployment. Economists have been recently debating on whether the curve has
Blog post
15 November 2017
The ECB’s recent decision on QE was somewhat on the dovish side. Francesco Papadia gives his view on why it is time to start a discussion about reduci
Blog post
13 November 2017
With the appointment of Jerome Powell as the next Fed’s chairman, President Trump break a tradition of bipartisan re-nomination and chooses someone wh
Blog post
06 November 2017
The Eurosystem gets a lot of attention from academics and the media, but they largely focus on its statutory objective of maintaining price stability.
Blog post
06 November 2017
For the first time since 2007, the Bank of England raised interest rates, with a hike of 25 basis points. At the same time, it provided forward guidan
Blog post
31 October 2017
The Pound Sterling depreciated by 14% against a basket of world currencies in the four months after the referendum vote to leave the EU. A number of p
Policy brief
30 October 2017
Two of the banking union’s pillars – common European supervision by the European Central Bank and common European resolution by the Single Resolution
Blog post
25 October 2017
This blog post looks at how the approach of the ECB to inflation has changed over the years. It shows the ECB has moved, over the years, from a small
Blog post
10 October 2017
Since the European Central Bank’s announcement in January 2015 of its quantitative easing programme, national central banks have been buying governmen
External publication
04 October 2017
This paper assesses the decentralised implementation of monetary policy by the Eurosystem in terms of its transparency, efficiency and simplicity. Com
Event
02 October 2017
The 5th Bruegel - Graduate School of Economics, Kobe University conference will focus on monetary policy.
Blog post
25 September 2017
The Federal Open Market Committee (FOMC) held short-term interest rates steady on September 20th and announced that starting from October 2017 the Fed
Blog post
21 September 2017
The recent IMF’s External Sector Report highlighted the persistence of imbalances and a switch of imbalances towards advanced economies. We review rec
Opinion piece
12 September 2017
Volatility offers an opportunity for the territory to rethink its strategy. With the economy now more synchronised with China than ever before, the do
Blog post
24 July 2017
What’s at stake: the literature on monetary policy spillovers is abundant of studies investigating the impact of the US Federal Reserve’s monetary pol