Fundamentals of Monetary Policy in the Euro Area Concepts – Markets – Institutions
Publisher: Bookboon.com
Published: 2015
ISBN-13: 9788740310047
Table of contents: title: Content; title: 1. Introduction and motivation; title: 2. Basic concepts; title: 2.1. Learning objectives; title: 2.2. Some economic concepts; title: 2.3. Some statistical concepts; title: 3. A short history of EMU; title: 3.1. Learning objectives; title: 3.2. The roadmap to EMU; title: 3.3. Convergence criteria; title: 3.4. The concept of an optimal currency area; title: 3.5. Advantages and disadvantages of a monetary union; title: 3.6. Some controversies about the road; title: 4. Institutions; title: 4.1. Learning objectives; title: 4.2. The European Union; title: 4.3. The European Central Bank; title: 4.4. Presidents of the European Central Bank; title: 4.5. The Rise of the Euro; title: 4.6. A closer look at the U.S. Federal Reserve System; title: 4.7. A closer look at the Bank of Japan; title: 4.8. A closer look at the Bank of England; title: 4.9. Decision-making modalities; title: 4.10. Independence and accountability; title: 5. Inflation; title: 5.1. Learning objectives; title: 5.2. Basic concepts; title: 5.3. Effects of inflation; title: 5.4. Measuring inflation; title: 5.5. Core and non-core inflation; title: 5.6. Measurement problems; title: 5.7. Hyperinflation; title: 5.8. Sacrifice ratios; title: 6. Causes of inflation; title: 6.1. Learning objectives; title: 6.2. The Quantity Theory; title: 6.3. The Phillips Curve; title: 6.4. The P-Star Approach; title: 6.5. The aggregate supply and demand model; title: 6.6. Role and limitations of monetary policy; title: 6.7. Empirical evidence; title: 7. Monetary policy strategies; title: 7.1. Learning objectives; title: 7.2. Intermediate targets and indicators; title: 7.3. Monetary policy strategies; title: 7.4. The monetary policy strategy of the ECB; title: 7.5. Functions of money; title: 8. Financial markets; title: 8.1. Learning objectives; title: 8.2. Functions of the financial system; title: 8.3. Direct and indirect finance; title: 8.4. Financial institutions; title: 8.5. Integration of financial markets; title: 9. Interest rates; title: 9.1. Learning objectives; title: 9.2. Basic considerations; title: 9.3. Present value and future value; title: 9.4. Determinants of interest rates; title: 9.5. Determinants of the term structure; title: 10. Money markets; title: 10.1. Learning objectives; title: 10.2. Basic considerations; title: 10.3. Some key interest rates worldwide; title: 11. Bond markets; title: 11.1. Learning objectives; title: 11.2. Basic considerations; title: 11.3. Types of bonds; title: 11.4. Calculating the value of a bond; title: 11.5. Bond ratings; title: 12. Stock markets; title: 12.1. Learning objectives; title: 12.2. Basic considerations; title: 12.3. Calculating the value of a stock; title: 12.4. Technical and fundamental analysis; title: 12.5. The Graham approach; title: 12.6. Stock market indices; title: 12.7. Equity risk premium; title: 12.8. The concept of Beta; title: 13. Foreign exchange markets; title: 13.1. Learning objectives; title: 13.2. Basic considerations; title: 13.3. Purchasing power parity; title: 13.4. Interest rate parity; title: 13.5. Exchange market interventions; title: 13.6. Exchange rate regimes; title: 13.7. ERM II; title: 14. Derivative markets; title: 14.1. Learning objectives; title: 14.2. Basic considerations; title: 14.3. Forward and futures contracts; title: 14.4. Swaps; title: 14.5. Options; title: 14.6. Credit default swaps; title: 15. Market efficiency; title: 15.1. Learning objectives; title: 15.2. Forms of efficiency; title: 15.3. Behavioural finance; title: 16. Banks and other financial institutions; title: 16.1.Learning objectives; title: 16.2. Commercial banks; title: 16.3. Other financial intermediaries; title: 16.4. Leveraging and deleveraging; title: 16.5. Banks runs and banking crises; title: 16.6. Key features of the banking system in the euro area; title: 17. Money supply and money demand; title: 17.1. Learning objectives; title: 17.2. Monetary aggregates; title: 17.3. The money supply process; title: 17.4. Money demand; title: 17.5. On the control of money supply; title: 17.6. The monetary policy transmission process; title: 17.7. Time lags of monetary policy; title: 17.8. Interest rate decisions of the ECB; title: 17.9. Monetary policy instruments in the euro area; title: 17.10. Monetary policy in times of financial crisis; title: 17.11. Enhanced credit support; title: 17.12. The Securities Market Programme; title: 17.13. Three-year longer-term refinancing operations; title: 17.14. Outright Monetary Transactions; title: 17.15. Forward guidance; title: 17.16. Negative deposit rates; title: 17.17. ABS and covered bond purchase programme; title: 17.18. Expanded asset purchase programme; title: 17.19. TARGET2 issues; title: 17.20. The way forward; title: 18. Monetary policy in practice; title: 18.1. Learning objectives; title: 18.2. Real interest rates; title: 18.3. Monetary Condition Indices; title: 18.4. The McCallum rule; title: 18.5. The Taylor rule; title: 18.6. Monetary indicators; title: 19. Asset price bubbles and monetary policy; title: 19.1. Learning objectives; title: 19.2. Asset price imbalances; title: 19.3. Some historical examples; title: 19.4. Debt-deflation and the Minsky moment; title: 19.5. Detecting asset price booms and busts; title: 19.6. Early warning indicator models; title: 19.7. Monetary policy, asset and consumer prices; title: 19.8. Monetary policy responses; title: 20. Multiple Choice test; title: 21. List of symbols and abbreviations; title: 22. List of country codes; title: 23. Glossary; title: 24. References