Monetary policy

Why we should not blame the ECB for low returns on German savings

The ECB has lowered its official interest rate several times in the last years and the rate is now at zero. In March of this year, it has in addition

Additional monetary easing for China?

As many other central banks in the Asian region, the People Bank of China (PBoC) has been on an easing mode for a few months now and more seems to be

A compelling case for Chinese monetary easing

In the midst of the heated monetary policy debate, the People’s Bank of China (PBC) since mid-2014 has no doubt started loosening its monetary policy,

Follow what I do, and also what I say: Monetary policy impact on Brazil’s financial markets

The objective of this paper is to assess empirically whether futures interest rates in Brazil react to changes in the SELIC rate and, especially, to

Inflation Surprises

While it is still too early to tell if the ECB QE programme launched on March 9 will manage to bring back inflation towards the target in the medium t

ECB Quantitative Easing on track

On 9 March 2015 the ECB began purchasing European sovereign and agency bonds and supranational debt securities under the Public Sector Purchase Progra

Secular stagnation and capital flows

What’s at stake: Former Chairman of the Federal Reserve and new blogger Ben Bernanke has generated many discussions this week by challenging the secul

Money growth in the euro area is speeding up

The financial stability risks of ultra-loose monetary policy

This Policy Contribution was prepared for the European Parliament Committee on Economic and Monetary Affairs. It draws lessons for the euro-area based

Is the ECB sacrificing reforms on the altar of inflation?

This blog post explores whether the European Central Bank (ECB)'s large programme of sovereign bonds purchases (QE) could slow down ref

European Central Bank quantitative easing: the detailed manual

This Policy Contribution examines the detail of how quantitative easing will actually take place in the euro area and its implications, following

It’s not just Russia: Currency crisis in the Commonwealth of independent states

This Policy Contribution analyses the dynamics of currency crises in Russia and Ukraine and their regional contagion, with attention to changes in nom

Deepening Economic and Monetary Union

Is low inflation translating into lower wage growth in Germany already?

Low inflation in Germany is a big concern not just because of its importance for the euro area aggregate but also because it makes relative price adju

Permanent QE and helicopter money

What’s at stake: As the ECB contemplates its own version of quantitative easing, this review clarifies the conditions under which this policy is belie

Deflation in France, hidden behind tax hikes?

The significant divergence between the core inflation measures for France reported respectively by Eurostat and the national statistical office (