... EUROSYSTEM
MONETARY POLICY
INSTRUMENTS
AND PROCEDURES
EN
THE IMPLEMENTATION OF MONETARY POLICY IN THE EURO AREA
27
ECB
The implementation of monetary policy in the euro area
September 2006
CHAPTER ... 2006/48/EC of the European Parliament and of
the Council of 14 June 2006 relating to the taking up and pursuit
of the business of cred...
... monetary policy of the Eurosystem for the
purposes of steering interest rates, managing the
liquidity situation in the market and signalling
the stance of monetary policy. Five types of
instruments ... situation in the market
and signalling the stance of monetary policy.
They also provide the bulk of refinancing to the
financial sector.
The...
... when the deposit-
rate ceiling is binding. The lending-rate floor either has an indeterminate impact or no impact on the
market rates, depending on whether the floor is binding. In this linear ... Honglin Wang
Dual-track Interest Rates and
the Conduct of Monetary Policy in China
6
Dong He and Honglin Wang
Dual-track Interest Rates and
the Conduct of Mon...
... questioning of the long-term viability of the Eurozone as the prospect of a
breakup of the euro is increasingly viewed as possible.”
1
While the potential fiscal and political
causes of the Eurozone’s ... important in analyzing the state of Europe’s
economies, focusing on the arenas of monetary policy and European Central Bank decision
making may also...
... To identify the monetary policy shock it is sufficient to determine the position of the monetary
policy instrument; the ordering of the variables in the groups before and after the interest rate ... than the GDP decline in the other group. The
reactions of the other variables to a monetary policy shock are essentially the same.
A third important...
...
the world have become increasingly aware of the
social and economic costs of inflation and more
concerned with maintaining a stable price level as a
goal of economic policy.
•
The role of ... goal of monetary policy and a
commitment to achieve the inflation goal
•
Information-inclusive approach in which many
variables are used in making decisions
•
Increased t...
... to increase the
sensitivity of loan supply to changes in monetary policy, thereby
strengthening the importance of the lending channel.
The second set of regulatory changes affecting the lending ... nature of the impact of monetary
policy on the economy. Since monetary policy operates through the
banking sector, one must take into consideration the effe...
... of the German policy in
the European Monetary System before the launch of the ECB and because
the German bond rates remain the benchmark for the long-term interest rates
in the euro area. The ... are the main factor leading
the in ation process in all euro area countries.
In this framework, it is possible to link movements in the the nominal r...