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Interest on Reserves and the Flexibility of Monetary Policy in the Euro Area
Eurosystem interbank market Monetary policy instruments required reserves
2011/8/21
This paper shows that remunerating required reserves can increase the flexibility of monetary policy. The remuneration at the current policy rate implies constant net marginal interest costs of holdin...
US–Euro Area Monetary Policy Interdependence: New Evidence from Taylor Rule-based VECMs
monetary policy interdependence European Central Bank the Federal Reserve vector error correction model
2011/8/21
(1227) Ansgar Belke and Yuhua Cui This paper analyses the monetary policy interdependence between the European Central Bank (ECB) and the Federal Reserve (Fed) for the period 1999–2006. Two models are...
INSURANCE POLICIES FOR MONETARY POLICY IN THE EURO AREA
monetary policy model uncertainty policy parameters investigate the implications
2011/8/21
In this paper, we aim to design a monetary policy for the euro area that is robust to the high degree of model uncertainty at the start of monetary union and allows for learning about model probabilit...