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Latest Publications

CASE Network Studies and Analyses No. 408:
Knowledge-based Entreprenuership in Poland    

CASE Network Studies and Analyses No. 409:
Knowledge-based entreprenuership in Romania

CASE Network Studies and Analyses No. 407:
Knowledge-based entreprenuership in Estonia

CASE Network Studies and Analyses No. 405:
The Customs Union between Belarus, Kazakhstan and Russia: and Overview of Economic Implicaitons for Belarus 

CASE Network Studies and Analyses No. 403:
Global Food Price Shock and the Poor in Egypt and Ukraine

CASE Network E-brief No. 10/2010:
After the Orange Era: Economic Prospects in Ukraine

CASE Network Studies and Analyses No. 402:
Does the Crisis Experience Call for a New Paradigm in Monetary Policy?

CASE Network Report No. 93:
Modeling Economic, Social and Environmental Implications of a Free Trade Agreement Between the European Union and the Russian Federation

CASE Network E-brief 9/2010:
Euro Crisis or Debt Crisis?  

Polish Economic Outlook:
PEO 1/2010   

CASE Network E-brief 8/2010:Is Inflation a Global Threat?

CASE Network E-brief 7/2010:
Prospects for Future Euro‐Mediterranean Trade

CASE Network E-brief 6/2010:
Oil Money vs. Economic Crisis: The Case of Azerbaijan 

CASE Network Report No. 92:
Challenges and Trajectories of Fiscal Policy and PFM Reform in CEE/CIS 

CASE Network Studies and Analyses No. 401:
Mergers and Acquisitions - The Standing of theory in the Quest for Better Institutions and Policy   

CASE Network Report 91:Pension Reform Options for Russia and Ukraine: A Critical Analysis of Available Options and Their Expected Outcomes

Polish Economic Outlook
4/2009 report

CASE Network E-Brief 05/2010Social security, Labour Market and Restructuring – Russia and Ukraine

CASE Network E-Brief 04/2009Challenges of Post-Crisis Economic Policy in Russia

CASE Network E-Brief 03/2010: The price of delay: the future of Russian and Ukrainian pension systems

CASE Network E-Brief 02/2010:
Tax wedge, labor market and the shadow economy

CASE Networks Studies and Analyses No. 400:
Energy Security in the EU and Beyond   

CASE Network Studies and Analyses No. 399:
Agriculture Income Assessment for the Purpose of Social Assistance: the Case of Ukraine    

CASE Network E-briefs No. 01/2010:
The global recession and energy markets

CASE Network Report No. 90:
Social Security, Labour Market and Restructuring: Current Situation and Expected Outcomes of Reforms

CASE Network E-briefs 12/2009:
From fiscal stimulus to fiscal crisis

CASE Network Studies and Analyses No. 398:
Social Security Driven Tax Wedge and Its Effects On Employment and Shadow Employment

CASE Network Studies and Analyses No. 397:
Restructuring and Social Safety Nets in Russia and Ukraine - Socail Security Influence on Labor Mobility: Possible Opportunities and Challenges

CASE Network Report No. 89:
Economic Integration in the Euro-Mediterranean Region

CASE Network Studies and Analyses No. 396:
Energy security, poverty and vulnerability in Central Asia and the wider European neighborhood

CASE Network Studies and Analyses No. 395:
The East European financial crisis

CASE Network E-briefs No.11/2009:
No, the central banks didn't do it

CASE Network Reports
No. 88

Deep Integrations with the EU and its Likely Impact on Selected ENP countries and Russia

PEO 3/2009
Large Fiscal Deficit in Poland - curse #1

CASE Network Studies and Analyses No. 394
Differentiation of Innovation Behavior of Manufacturing Firms in the New Member States. Cluster Analysis on Firm-Level Data




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Last update
2010-08-23


News

The Risk Management Approach of the Federal Reserve System - a Model for the European Central Bank? (2008-10-20)

While it first appeared that Europe would not imitate the US in fighting the effects of the financial crisis, a growing number of European governments have now set side money to rescue distressed banks and guarantee private deposit accounts.  Is the US a model to copy?  The question was at the core of CASE policy research seminar on 20 October when Magdalena Malinowska addressed The Risk Management Approach of the Federal Reserve System - a Model for the European Central Bank? 

The presentation is based on an identically titled paper investigating whether accounting for uncertainty in monetary policy, as proposed by Alan Greenspan and conducted by the Federal Reserve System in 2003 and 2004, can be used as a model for the European Central Bank. In contrast to standard policy, the main objective of a central bank applying the “risk management approach” is to avoid scenarios defined as particularly dangerous for the economy. Greenspan’s approach is shown to involve unusually expansive policy in some states.  The study concludes that the risk of implementing such a policy differs among central banks.

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