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Collapse of the Ruble zone and its lessons

This essay, published by CESifo, aims to summarise the experiences of the two monetary disintegration episodes, i.e. termination of settlements in TR since 1 January 1991 and the gradual collapse of the Soviet ruble area in 1990–1993.

By: Date: March 15, 2017 Topic: Global Economics & Governance

This essay, published by CESifo, aims to summarise the experiences of the two monetary disintegration episodes, i.e. termination of settlements in TR since 1 January 1991 and the gradual collapse of the Soviet ruble area in 1990–1993. The second section of this paper is devoted to demise of CMEA and TR. The third section describes the collapse of the ruble area in the former USSR based on my earlier publication (Dabrowski 1995). The fourth section analyses macroeconomic consequences of monetary disintegration in the former USSR; and the fifth section examines the policy lessons that can be drawn from both episodes.

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Opinion

Can virtual currencies challenge the dominant position of sovereign currencies?

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Policy Contribution

Forecast errors and monetary policy normalisation in the euro area

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Podcast

Podcast

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By: The Sound of Economics Date: December 12, 2018
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Blog Post

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In the past five years ECB forecasts have proven to be systematically incorrect: core inflation remained broadly stable at 1% despite the stubbornly predicted increase, while the unemployment rate fell faster than predicted. Such forecast errors, which are also inconsistent with each other, raise serious doubts about the reliability of the ECB’s current forecast of accelerating core inflation and necessitates a reflection on the inflation aim of the ECB.

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Policy Contribution

European Parliament

A monetary policy framework for the European Central Bank to deal with uncertainty

In this Policy Contribution prepared for the European Parliament’s Committee on Economic and Monetary Affairs (ECON) as an input to the Monetary Dialogue, the authors review the emerging challenges to central banks, and propose an updated definition of price stability and an adequately refined monetary policy framework.

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Podcast

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By: Marek Dabrowski Topic: Global Economics & Governance Date: October 10, 2018
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External Publication

LNG and Nord Stream 2 in the context of uncertain gas import demand from the EU

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By: Georg Zachmann Topic: Energy & Climate Date: September 27, 2018
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By: Simone Tagliapietra Topic: Energy & Climate Date: July 4, 2018
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Policy Contribution

European Parliament

Cryptocurrencies and monetary policy

Can cryptocurrencies acquire the role of money? And what are the implications for central banks and monetary policy? Read the policy contribution to understand what challenges cryptocurrencies have to overcome to replace official currencies.

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