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The creation of a single monetary currency and a single monetary policy in the euro area has faced extraordinary challenges, among them the design of suitable monetary policy instruments. This book evaluates monetary policy instruments of the Eurosystem against a number of requirements. For doing so, a theoretical model framework is developed which brings together the monetary policy activities of a central bank and the liquidity management of banks considering the main characteristics and institutional features of the euro area. Main results of this analysis are that different costs of obtaining liquidity directly from the central bank can explain the existence of an interbank market in the euro area and the positive spread between the interbank market rate and the repo rate; that the redesign of the Eurosystem's instruments in 2004 has to be evaluated positively and that a further change to the minimum reserve system would enhance the flexibility of monetary policy in the euro area.

economische politiek --- Macroeconomics --- Europese eenmaking --- Economic policy and planning (general) --- macro-economie --- Europe --- Monetary policy --- Euro. --- Economics/Management Science. --- European Integration. --- Macroeconomics/Monetary Economics. --- POLITICAL SCIENCE --- BUSINESS & ECONOMICS --- Money --- Economic Conditions. --- Economics --- Macroeconomics. --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka --- E-books --- Euro --- Economics/Management Science --- European Integration --- Macroeconomics/Monetary Economics --- Economic Conditions --- Economics&delete&

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This book studies the strategic policy interactions in a monetary union. The leading protagonists are the European Central Bank and national governments. The target of the ECB is low inflation in Europe. The targets of a national government are low unemployment and a low structural deficit. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. .

Monetary policy -- European Union countries. --- Monetary policy. --- Monetary unions -- European Union countries. --- Monetary unions. --- International Finance --- Money --- Finance --- Business & Economics --- Monetary unions --- -Monetary policy --- -Deficit financing --- -332.4566094 --- Compensatory spending --- Deficit spending --- Financing, Deficit --- Budget deficits --- Debts, Public --- Finance, Public --- Full employment policies --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Electronic information resources --- European Central Bank --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- Electronic information resources. --- E-books --- Monetary policy --- Macroeconomics. --- International economics. --- Economic policy. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic Policy. --- International Economics. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- International relations --- Economic sanctions --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy