17.12.2015
The Estonian Economy and Monetary Policy is an Eesti Pank review that contains a description of the main recent events in the global market and in the Estonian economy and the forecast for the Estonian economy for the current calendar year and the next two.
03.10.2015

At the autumn school of the Institute of Government and Politics of the University of Tartu, held on Saturday in Kääriku, the Governor of Eesti Pank Ardo Hansson commented on monetary policy, saying that it cannot affect economic growth over the long term, as the only way to ensure growth is... more

23.09.2015

Responding to questions in the Riigikogu on Monday about the asset purchase programme of the euro-area central banks, Governor of Eesti Pank Ardo Hansson said that the asset purchases will make borrowing cheaper for Estonian companies and households too.

Mr Hansson explained to the... more

26.06.2015
The Estonian Economy and Monetary Policy is an Eesti Pank review that contains a description of the main recent events in the global market and in the Estonian economy and the forecast for the Estonian economy for the current calendar year and the next two.
26.05.2015
Ardo Hansson Governor of Eesti Pank

Honourable President of the Riigikogu, Distinguished Members of the Riigikogu

I am here today to give you a summary of the year 2014 at Eesti Pank. I will speak on the economy in the euro area and on monetary policy, and I will... more

17.02.2015

Speaking on Tuesday to the finance committee of the Riigikogu about the asset purchase programme of the central banks of the euro area, Governor of Eesti Pank Ardo Hansson said that economic history shows that central banks are not able to create long-term economic growth through large-scale... more

15.08.2013
Working Papers of Eesti Pank No. 7/2013 Published in Baltic Journal of Economics, 2015, 1(14) This paper studies the effect of a monetary policy shock in the euro area on the main Estonian economic and financial variables between 2000 and 2012. Using a standard structural vector... more
12.09.2012

Open market operations

Open market operations serve to steer interest rates and manage the liquidity situation in the money market, and to signal the stance of monetary policy. Generally, open market positions are carried out by NCBs on the initiative of the ECB and usually on the money... more

08.08.2012

The transmission mechanism of monetary policy involves channels through which monetary policy decisions affect the economy in general and the price level in particular. As the transmission mechanism is characterised by long, variable and uncertain time lags, it is difficult to predict the... more

08.08.2012

The central bank is the sole issuer of banknotes and bank reserves, which means that it is the monopoly supplier of the monetary base. Therefore, it can also set the conditions on which banks borrow from the central bank and thus influence the conditions of the interbank money market.

In... more

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