scholarly journals Communication, Credibility, and Price Stability: Lessons Learned from Japan

2012 ◽  
pp. 1-4
Author(s):  
Owen F. Humpage
Keyword(s):  
Central Banks ◽  
Lessons Learned ◽  
Price Stability ◽  
Monetary Policies ◽  
The Public ◽  
European Central ◽  
The Past ◽  
Central Bankers

Over the past couple of decades, central banks have been taking steps to increase the transparency of their monetary policies through clearer communications with the public. While there are many differences between the economic challenges Japan has been struggling with in the past decade and those facing U.S. and European central bankers now, we can learn a great deal about combating deflation from Japan’s experiences.

scholarly journals Unconventional Monetary Policies: Lessons from the Past and the Present to Future Monetary Policy Frameworks

2020 ◽  
Vol 6 (1) ◽  
pp. 73-99
Author(s):  
Cristiano Boaventura Duarte ◽  
André Modenesi ◽  
Antonio Licha ◽  
Emmanuel Carré
Keyword(s):  
Monetary Policy ◽  
Adverse Effects ◽  
Central Bank ◽  
European Central Bank ◽  
Central Banks ◽  
Evolutionary Perspective ◽  
Monetary Policies ◽  
European Central ◽  
The Past ◽  
Policy Frameworks

This article intends to debate important aspects related to past and recent experiences of monetary policy accommodation, focusing on unconventional monetary policies. We intend to draw lessons from these experiences to discuss the design of future monetary policy frameworks.First, by reporting several historical experiences of major central banks, we highlight that policies which after 2008 crisis were considered “unconventional” were not new, with central banks intervening to avoid broader deterioration of macro-financial conditions.Moreover, analyzing the experience of the European Central Bank after 2008, we observe this institution has adapted its measures according to its former programs and to other central banks' experiences, to face numerous challenges and enhance its framework. Finally, we argue that central banks need to take advantage of past and recent experiences to improve the design of their future monetary policy frameworks under an evolutionary perspective. Based on this, measures previously implemented would have three possible destinations in new frameworks: i) Be discarded, due to their predominantly adverse effects; ii) Not be regularly implemented, but be kept as backstop mechanisms if needed; iii) Be incorporated as regular measures of monetary policy frameworks.

Don't Act Beyond Your Powers: The Perils and Pitfalls of the German Constitutional Court'sUltra ViresReview

2014 ◽  
Vol 15 (2) ◽  
pp. 167-181 ◽  
Author(s):  
Jürgen Bast
Keyword(s):  
Central Banks ◽  
Common Currency ◽  
Governing Council ◽  
The Public ◽  
Legal Tender ◽  
European Central ◽  
European System ◽  
The Status ◽  
The Common ◽  
Central Bankers

On 26 July 2012, the European Central Bank (ECB) issued a new currency, the “Draghi.” A country where the Draghi has the status of legal tender must be fabulously wealthy—a single coin gives unlimited purchasing power to its owner. This is one way to characterize ECB President Mario Draghi's pledge to do “whatever it takes” to save the Euro. It is widely believed that the move prevented the common currency from breaking apart. Yet, the ECB's resolve caused severe conflict within the European System of Central Banks (ESCB). A few weeks later, when the Governing Council of the ECB formally adopted the Outright Monetary Transactions (OMT) program to pave the way for the implementation of Draghi's rescue policy, the representative of the GermanBundesbankwas outvoted. Subsequently—in a maneuver quite unusual among central bankers—he appealed to the public to stir up support for his opposition to the policy.

Introduction

2021 ◽  
pp. 1-28
Author(s):  
Massimo Rostagno ◽  
Carlo Altavilla ◽  
Giacomo Carboni ◽  
Wolfgang Lemke ◽  
Roberto Motto ◽  
...  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Public Good ◽  
Monetary Union ◽  
European Central Bank ◽  
The Public ◽  
European Central ◽  
The Past ◽  
The Future ◽  
20Th Anniversary

Institutions dedicated to serving the public good must look to the past to learn from experience; and look to the future to prepare, as best they can, for the trials that might lie ahead. The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to apply such a perspective to the monetary policy of the European Central Bank (ECB): to evaluate its accomplishments and to learn the lessons that can improve the conduct of its policy in the future....

Does politics drive conflict in central banks’ committees? Lifting the veil on the European Central Bank consensus

2019 ◽  
Vol 21 (2) ◽  
pp. 183-203
Author(s):  
Manuela Moschella ◽  
Nicola M Diodati
Keyword(s):  
Central Bank ◽  
European Central Bank ◽  
Semantic Distance ◽  
Central Banks ◽  
Political Factors ◽  
Policy Positions ◽  
Projected Image ◽  
European Central ◽  
The Veil ◽  
Central Bankers

This study investigates whether and to what extent political factors drive disagreement within the allegedly consensual monetary committee of the European Central Bank. Absent voting data, the article assesses disagreement based on the semantic distance between the policy positions publicly articulated by the European Central Bank President and the central banks of Eurozone member states. The empirical analysis shows that the disagreement articulated by national central bankers is affected by the ideological inclinations of the governments of the countries they represent. Our findings thus suggest that central bankers’ position-taking is shaped not only by economic conditions but also by domestic political considerations. This result challenges the European Central Bank’s projected image of itself as an institution whose members are impermeable to domestic political pressures as a way to defend the independence of the institution to which they belong.

scholarly journals Lessons Learned

2015 ◽  
Vol 2 ◽  
pp. 2333794X1557408
Author(s):  
Amanda Phelan ◽  
Michaela Davis
Keyword(s):  
Public Health ◽  
Child Protection ◽  
Lessons Learned ◽  
Public Health Nurses ◽  
Contributing Factors ◽  
The Public ◽  
The Past ◽  
Comprehensive Service ◽  
The Republic ◽  
Interactional Processes

The public health nurses’ scope of practice explicitly includes child protection within their role, which places them in a prime position to identify child protection concerns. This role compliments that of other professions and voluntary agenices who work with children. Public health nurses are in a privileged position as they form a relationship with the child’s parent(s)/guardian(s) and are able to see the child in its own environment, which many professionals cannot. Child protection in Ireland, while influenced by other countries, has progressed through a distinct pathway that streamlined protocols and procedures. However, despite the above serious failures have occurred in the Irish system, and inquiries over the past 20 years persistently present similar contributing factors, namely, the lack of standardized and comprehensive service responses. Moreover, poor practice is compounded by the lack of recognition of the various interactional processes taking place within and between the different agencies of child protection, leading to psychological barriers in communication. This article will explore the lessons learned for public health nurses practice in safeguarding children in the Republic of Ireland.

scholarly journals ARE THE EFFECTS OF UNCONVENTIONAL MONETARY POLICY ON FINANCIAL MARKETS CAUSING BUBBLES?

2019 ◽  
Vol 1 (1) ◽  
pp. 1-1 ◽  
Author(s):  
Daniel Lacalle
Keyword(s):  
Financial Markets ◽  
Central Banks ◽  
Unintended Consequences ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Monetary Policies ◽  
Policy Makers ◽  
The Past ◽  
Long Run ◽  
Asset Classes

Cheap money can become very expensive in the long run. Unconventional monetary policies have been the main tools of central banks to tackle the economic crisis. In this paper we aim to understand whether these policies have created distortions in the fi nancial markets and if we can be concerned about the creation of “bubbles”, considering whether quantitative easing has impacted fi nancial asset classes’ valuations beyond reasonable fundamentals. I conclude that there is empirical evidence of inordinate expansion of multiples and that central bank policy makers should include “fi nancial market infl ation” as well as consumer price indices (CPI) in their assessment of infl ation expectations. I believe that this should be an essential analysis to avoid unintended consequences in the future, and a possible next fi nancial crisis that central banks will be unable to face with the same tools of the past.

scholarly journals The price stability oriented monetary policy of the European Central Bank

2010 ◽  
Vol 13 (3) ◽  
pp. 5-15
Author(s):  
Wojciech Gasiński ◽  
Anna Misztal
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
European Central Bank ◽  
Central Banks ◽  
Primary Objective ◽  
Price Stability ◽  
Economic Policies ◽  
European Central ◽  
Consumer Prices ◽  
European System

The aim of this paper is to present the price stability oriented monetary policy of the European Central Bank. The European Central Bank began activities in 1998 and the primary objective of the European System of Central Banks is to maintain price stability and the ESCB should also support the general economic policies in the Community. Monetary policy is a special tool that national governments and central banks uses to influence on its economy, especially to control the supply of money and to influence on the level of economic indicators. This paper investigates the assumed objective of the European System of Central Banks which is to maintain price stability. What is more, we would like to present the monetary policy strategy of the European Central Bank and analysis of the Harmonized Index of Consumer Prices.

Remembering Inflation

2013 ◽  
Author(s):  
Brigitte Granville
Keyword(s):  
Monetary Policy ◽  
Global Economy ◽  
Inflation Targeting ◽  
Central Banks ◽  
Lessons Learned ◽  
Natural Rate ◽  
The Past ◽  
Recent Financial Crisis ◽  
Developed Nations

Today's global economy, with most developed nations experiencing very low inflation, seems a world apart from the “Great Inflation” that spanned the late 1960s to early 1980s. Yet, this book makes the case that monetary economists and policymakers need to keep the lessons learned during that period very much in mind, lest we return to them by making the same mistakes we made in the past. The book details the advances in macroeconomic thinking that gave rise to the “Great Moderation”—a period of stable inflation and economic growth, which lasted from the mid-1980s through the most recent financial crisis. The book makes the case that the central banks' management of monetary policy—hinging on expectations and credibility—brought about this period of stability, and traces the roots of this success back to the eighteenth-century foundations of modern monetary thought. Tackling fundamental questions such as the causes of inflation and its relation to unemployment and growth, the natural rate of inflation hypothesis, the fiscal theory of the price level, and the proper goals of central banks, the book aims above all to demonstrate the dangers of forgetting the role of credibility in establishing sound monetary policy. With the lessons of the past firmly in mind, the book presents stimulating ideas and proposals about inflation-targeting principles, which provide tools for present-day monetary authorities dealing with the forces of globalization, mercantilism, and reserve accumulation.

Summary of Informal Discussions with Central Bankers and Other Officials on Unconventional Monetary Policies

Policy Papers ◽  
2013 ◽  
Vol 2013 (36) ◽  
Author(s):  
Keyword(s):  
Emerging Market ◽  
Central Banks ◽  
Emerging Market Economies ◽  
Conference Calls ◽  
Monetary Policies ◽  
Market Economies ◽  
Key Points ◽  
Central Bankers

A series of conference calls was held in March 2013 with selected representatives of central banks and other official agencies in advanced and emerging market economies to seek views on unconventional monetary policies (UMP). The key points raised during the discussions are summarized below. No views have been attributed to individual participants, and Fund staff is ultimately responsible for the contents of this summary.

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