The Monetary Policy Strategy of the ECB Reconsidered - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Monetary Policy Strategy of the ECB Reconsidered write by Jordi Galí. This book was released on 2004. The Monetary Policy Strategy of the ECB Reconsidered available in PDF, EPUB and Kindle. As one of the world's key central banks, the European Central Bank comes under intense public scrutiny. Yet, its constituency is diverse, with different national traditions of central banking and varied views about the conduct of monetary policy. The ECB acts on behalf of all the members of EMU, but belongs to no particular member state. It is accountable to the European Parliament, which has only a very recent tradition of oversight of monetary policy. For these reasons, there is a need for a regular, rigorous, non-partisan and pan-European analysis of the options facing the ECB and the policies it pursues. Monitoring the European Central Bank addresses this need. Written by a team of distinguished academic economists known internationally for their work on macroeconomics and monetary policy, MECB produces a full report and an Update each year. The full report describes the issues faced by the ECB during the preceding year; assesses the policy choices that were made; and sets out the issues likely to arise during the coming year. The Update offers a follow-up to the main report, and is written in the light of the Bank's own annual report. 'Duisenberg record' and the recent review by the ECB of its monetary policy strategy. It finds that the ECB has failed to achieve its stated key objective of avoiding inflation in excess of 2 per cent. Tough rhetoric without delivery has been a strategic mistake. Actual inflation appears to be adrift due to inattentive policy. This could lead to a dangerous and costly-to-correct climb in the inflation rates, unless sufficient attention is paid soon to this issue by the ECB. The ECB should have used its review of the monetary policy strategy to admit this failure and to adjust its inflation target range upwards, bringing words in line with actual policy. It did not, and stresses continuity instead. Money still continues to play too prominent a role in the ECB's stated strategy. The report examines several of the arguments often given for a prominent role of money, and finds none of them convincing. Inflation at present and in the future should be the central focus of the ECB's analysis, not money growth rates. Deflation is a risk that is always present when inflation is low. The ECB should admit this rather than avoi
Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy
Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy write by Otmar Issing. This book was released on 2003. Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy available in PDF, EPUB and Kindle.
The ECB Strategy Review
The ECB Strategy Review - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The ECB Strategy Review write by . This book was released on 2023. The ECB Strategy Review available in PDF, EPUB and Kindle. This paper investigates two important elements of the ECB's 2021 monetary policy strategy review in an estimated structural open-economy macro model of the euro area: (a) explicit symmetry of the 2% inflation target, which can be expected to lower the risk of hitting the effective lower bound (ELB) on short-term interest rates by raising average inflation towards the target, and (b) commitment to forceful or persistent monetary accommodation in a low interest rate environment, here interpreted as low-for-longer response in the recovery from the ELB. We simulate the model with draws from the estimated distribution of shocks. Both elements increase average inflation and reduce the average output gap. Stabilisation gains are modest in quantitative terms, however, for the given illustrative policy rules, and they are more pronounced when the economy operates at the ELB. Important in the current context, the low-for-longer policy in the model does not jeopardise inflation stabilisation in the event of (inflationary) negative supply shocks at the exit from the ELB. With private sector 'myopia' instead of fully rational expectations, the low-for-longer rule still yields stabilisation gains at the ELB, but they shrink in quantitative terms.
The ECB’s Monetary Analysis Revisited
The ECB’s Monetary Analysis Revisited - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The ECB’s Monetary Analysis Revisited write by Helge Berger. This book was released on 2008-07. The ECB’s Monetary Analysis Revisited available in PDF, EPUB and Kindle. 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.
Monetary Policy in the Euro Area
Monetary Policy in the Euro Area - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Monetary Policy in the Euro Area write by Otmar Issing. This book was released on 2001-07-26. Monetary Policy in the Euro Area available in PDF, EPUB and Kindle. A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
