Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy PDF Download
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Author: Otmar Issing
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 344
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Book Description
Author: Otmar Issing
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 344
Get Book Here
Book Description
Author: European Central Bank
Publisher:
ISBN:
Category :
Languages : en
Pages : 20
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Book Description
Author: Otmar Issing
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 114
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Book Description
Describes the success of the first five years of the euro's life. This book describes the mechanisms that have been used by the ECB to achieve its objectives. It also states that EU governments must address structural difficulties in their economies, particularly in labour markets.
Author: Alessandro Calza
Publisher:
ISBN:
Category :
Languages : en
Pages : 28
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Book Description
Author: Helge Berger
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary "pillars" of the ECB's policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices.
Author: Matthias Klaeffling
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Book Description
Author: Claus Brand
Publisher:
ISBN:
Category :
Languages : en
Pages : 37
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Book Description
Author: Otmar Issing
Publisher: Cambridge University Press
ISBN: 1139473573
Category : Business & Economics
Languages : en
Pages : 260
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Book Description
Today, 318 million people in 15 countries use the Euro, which now rivals the importance of the US Dollar in the world economy. This is an outcome that few would have predicted with confidence when the Euro was launched. How can we explain this success and what are the prospects for the future? There is nobody better placed to answer these questions than Otmar Issing, who as a founding member of the Executive Board of the European Central Bank (1998–2006), was one of the Euro's principal architects. His story is a unique insider account, combining personal memoir with reference to the academic and policy literature. Free of jargon, this is a very human reflection on a unique historical experiment and a key reference for all academics, policy makers, and 'Eurowatchers' seeking to understand how the Euro has got to where it is today and what challenges lie ahead.
Author: D. Howarth
Publisher: Springer
ISBN: 0230503101
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organisation of the bank, the issues of accountability and the difficult first years of the ECB in operation.
Author: Philipp Hartmann
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 93
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Book Description
On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of the euro in 1999, going through four cyclical phases "conditioning" ECB monetary policy. We describe the monetary policy decisions from the ECB's perspective and against the background of its evolving monetary policy strategy and framework. We also highlight a number of the key critical issues that were the subject of debate. The second section contains a partial assessment. We first analyze the achievement of the price stability mandate and developments in the ECB's credibility. Next, we investigate the ECB's interest rate decisions through the lens of a simple empirical interest rate reaction function. This is appropriate until the ECB hits the zero-lower bound in 2013. Finally, we present the ECB's framework for thinking about non-standard monetary policy measures and review the evidence on their effectiveness. One of the main themes of the paper is how ECB monetary policy responded to the challenges posed by the European twin crises and the subsequent slow economic recovery, making use of its relatively wide range of instruments, defining new ones where necessary and developing the strategic underpinnings of its policy framework.
