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Presentation: State-Dependent Effects of Monetary Policy: the Central Bank Information Channel Paul Hubert
837 KB, PDF
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How much foreign currency must a central bank buy to implement a minimum exchange rate? Estimation using the Swiss National Bank as an example Research Brief | 50th edition – July 2022
Implementing a minimum exchange rate regime by buying foreign currency eases monetary conditions domestically and may thus have a direct impact on the inflation rate. However, such foreign currency purchases involve a risky expansion of the central bank’s balance sheet total. A new model can now predict what expansion of the balance sheet a central bank must expect if it wishes to implement a minimum exchange rate in the foreign exchange market.
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How can we protect economies from financial crises? Statement prepared for a panel debate at the Rencontres Economiques d’Aix-en-Provence
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A simple model of geopolitical risk and sanctions Vivien Lewis, Sirikorn Puangjit
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The Eurosystem’s bond purchases and the exchange rate of the euro Article from the Monthly Report January 2017
372 KB, PDF
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Fresh momentum for Europe Speech upon acceptance of the Grand Decoration of Honour in Gold with Star for Services to the Republic of Austria
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A central banker's interest in Phillips curves
74 KB, PDF
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Monthly report – October 2023
The October 2023 edition of the Monthly Report examines whether German and euro area price competitiveness is favourable. It also describes how state government finances developed in 2022 and finds that, despite large surpluses overall, recourse to emergency loans was extensive in some cases.