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Instytucjonalne uwarunkowania wspólnej polityki pieniężnej w Unii Gospodarczej i Walutowej / Institutional Framework of Single Monetary Policy in The Economic and Monetary Union

Author

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  • Michał Laskowski

    (University of Lodz)

Abstract

This paper aims to examine changes, which appeared within institutional framework of monetary policy in the Economic and Monetary Union after the crisis of 2008. Theoretical base for research was the new institutionalism under the methodological principles and criteria prepared by Douglass North. The analysis consist of two steps. The first describes institutional matrix of monetary policy in EMU. The second compares formal and informal institutions of monetary policy in the Eurozone before and after 2008. The analysis revealed, that changes have been made in monetary policy principles and tools. Nevertheless, institutional matrix was not changed.

Suggested Citation

  • Michał Laskowski, 2016. "Instytucjonalne uwarunkowania wspólnej polityki pieniężnej w Unii Gospodarczej i Walutowej / Institutional Framework of Single Monetary Policy in The Economic and Monetary Union," International Economics, University of Lodz, Faculty of Economics and Sociology, issue 16, pages 313-331, December.
  • Handle: RePEc:ann:inecon:y:2016:i:16:p:313-331
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    File URL: http://dspace.uni.lodz.pl:8080/xmlui/bitstream/handle/11089/20826/Laskowski%202016.pdf?sequence=1&isAllowed=y
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    References listed on IDEAS

    as
    1. Jakob de Haan & Willem van den End & Jon Frost & Christiaan Pattipeilohy & Mostafa Tabbae, 2013. "Unconventional Monetary Policy of the ECB during the Financial Crisis: An Assessment and New Evidence," SUERF 50th Anniversary Volume Chapters, SUERF - The European Money and Finance Forum.
    2. McQuade, Peter & Falagiarda, Matteo & Tirpák, Marcel, 2015. "Spillovers from the ECB's non-standard monetary policies on non-euro area EU countries: evidence from an event-study analysis," Working Paper Series 1869, European Central Bank.
    3. Olivier J. Blanchard & Daniel Leigh, 2013. "Growth Forecast Errors and Fiscal Multipliers," American Economic Review, American Economic Association, vol. 103(3), pages 117-120, May.
    4. Piti Disyatat, 2008. "Monetary policy implementation: Misconceptions and their consequences," BIS Working Papers 269, Bank for International Settlements.
    5. Bryson, Jay H., 1994. "Fiscal policy coordination and flexibility under European Monetary Union: Implications for macroeconomic stabilization," Journal of Policy Modeling, Elsevier, vol. 16(6), pages 541-557, December.
    6. Jay H. Bryson, 1994. "Fiscal policy coordination and flexibility under European Monetary Union: implications for macroeconomic stabilization," International Finance Discussion Papers 467, Board of Governors of the Federal Reserve System (U.S.).
    7. Bernanke, Ben S & Woodford, Michael, 1997. "Inflation Forecasts and Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(4), pages 653-684, November.
    8. Bjørn-Roger Wilhelmsen & Andrea Zaghini, 2011. "Monetary policy predictability in the euro area: an international comparison," Applied Economics, Taylor & Francis Journals, vol. 43(20), pages 2533-2544.
    9. Michael D. Bordo, 2007. "A brief history of central banks," Economic Commentary, Federal Reserve Bank of Cleveland, issue Dec.
    10. Guy Debelle & Stanley Fischer, 1994. "How independent should a central bank be?," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 38, pages 195-225.
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    More about this item

    Keywords

    monetary policy; institutional matrix; central banking;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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