central banks

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Upcoming Event

Oct
2
09:00

Europe and Japan: Monetary policies in the age of uncertainty

This event is co-organised by Bruegel and the Kobe University Graduate School of Economics.

Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Blog Post

B Coeuré - photo

Central bank communication in a low interest rate environment

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at an event organised by Bruegel, Brussels, 31 March 2017

By: Benoît Coeuré Topic: European Macroeconomics & Governance Date: March 31, 2017
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Working Paper

WP_01_17 cover

Fundamental uncertainty and unconventional monetary policy: an info-gap approach

This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism.

By: Yakov Ben-Haim, Maria Demertzis and Jan Willem van den End Topic: European Macroeconomics & Governance Date: February 28, 2017
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Opinion

Alicia García-Herrero

Japanese banks and US$ liquidity: Squeezed between expensive deposits and the BoJ

For the last few years, Japanese banks have aggressively expanded their assets overseas, which has helped increased their stubbornly low profitability even after the introduction of negative interest rates by BoJ. Such a successful overseas strategy, profitability-wise, may be at risk due to US$ liquidity developments at a global level.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: November 28, 2016
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Policy Contribution

pc15_16European Parliament

Low long-term rates: bond bubble or symptom of secular stagnation?

Yields on European sovereign bonds have reached historically low levels in 2016. This secular decline in long-term sovereign yields is not limited to the euro area. Why are interest rates currently so low? Are low long-term trates justified by fundamental factors or is it an artificial phenomenon?

By: Grégory Claeys Topic: European Macroeconomics & Governance, European Parliament, Testimonies Date: September 26, 2016
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Blog Post

Silvia Merler

Big in Japan

What’s at stake: This week saw two important Central Banks’ meetings, whose outcomes could hardly be more different. While the U.S. Federal Reserve left interest rates unchanged, the Bank of Japan introduced a big shift in its easing framework. BOJ committed itself to overshoot its inflation target of 2 percent, and introduced a targeting of the yield on ten-year Japanese government debt, initially at about zero percent. We review the economic blogosphere reaction to this latest monetary policy action.

By: Silvia Merler Topic: Global Economics & Governance Date: September 26, 2016
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Blog Post

Silvia Merler

Post-Jackson Hole low morale

What’s at stake: this year’s edition of the Jackson Hole symposium was awaited as an occasion to discuss how to redesign monetary policy for the future. We documented the state of academic and policymaking discussion on the topic in a previous review. But it seems the meeting has left many with the impression the Fed is not yet ready to start “rethinking normality”.

By: Silvia Merler Topic: Global Economics & Governance Date: September 5, 2016
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Blog Post

Jérémie Cohen-Setton

The Fed’s rethinking of normality

What’s at stake: As we approach Jackson Hole, monetary policymakers are considering how to redesign monetary policy strategies to better cope with a low r-star environment.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: August 22, 2016
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Podcast

Podcast

What can the eurozone learn from US monetary history?

Many in the EU look to the USA as a model for monetary union in the Eurozone. But how easy was it to create such a union, and what can Europe learn from the USA’s experience?

By: Bruegel Topic: Global Economics & Governance Date: August 12, 2016
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Blog Post

MariaDemertzis1 bw

Companies' continue to respond to the ECB's corporate sector purchase programme

After a sharp increase in corporate bond issuance following the ECB’s announcement in March this year, corporates continue to respond to the Corporate Sector Purchase Program.

By: Maria Demertzis Topic: Finance & Financial Regulation Date: July 14, 2016
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Blog Post

MariaDemertzis1 bw

Corporates are responding to the new ECB corporate sector purchase programme

We have observed a sharp increase in corporate bond issuance following the ECB’s announcement in March this year, but it is too early to see the effects on investment by non-financial corporations.

By: Maria Demertzis Topic: European Macroeconomics & Governance Date: June 16, 2016
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Blog Post

MariaDemertzis1 bw

Are central bank(er)s still credible?

Both the Fed and the ECB have managed to remain credible since the financial crisis, but their credibility levels have evolved differently. Since inflation in the US and the euro area has been similar in the past 8 years, the difference in the way that credibility has evolved is the result of the different macroeconomic policy mix applied.

By: Maria Demertzis and Nicola Viegi Topic: European Macroeconomics & Governance Date: June 14, 2016
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