Monetary Policy in the Euro Area
Monetary Policy in the Euro Area
Vitor Gaspar, European Central Bank, Frankfurt
Ignazio Angeloni, European Central Bank, Frankfurt
Oreste Tristani, European Central Bank, Frankfurt
How and for whose benefit the European Central Bank (ECB) will work is the most important issue facing Europe, and has been the subject of vast media and academic interest which has already spawned a vast literature of discussion papers in the academic literature, and 'Euro Watch' features. Much of this discussion has been of an increasingly hysterical and political nature and has served to blur rather than inform. This book, written by a team at the ECB, including Otmar Issing the ECB's Chief Economist, provides the first comprehensive, inside, non-technical analysis of the monetary policy strategy, institutional features and operational procedures of the Eurosystem. The goals and the transmission mechanism of monetary policy are explored, as are the theoretical and empirical results underpinning the 'stability-oriented monetary policy strategy' adopted by the ECB. The characteristics of this strategy are also discussed in comparison with suggested alternatives.
- Important book on the biggest European debate in Europe since World War II
- Insider details on decision making strategy at the European Central Bank
- Issing is one of the most important applied economists in Europe
Reviews & endorsements
"...a lot of useful and well-written information..." Albrecht Ritschl, Humboldt-Universitaet zu Berlin, H-Net
"This short book is a remarkable attempt to cut through the maze of regulation and Eurospeak in order to illuminate the structure and functioning of the European Central Bank...much can be learend from it; not just from the material, but from the mere fact that it has been written at all. Such work should become more common. I recommend it without reservation." Eastern Economic Journal James L. Barbour, Elon University
Product details
August 2001Hardback
9780521783248
210 pages
229 × 152 × 13 mm
0.466kg
Available
Table of Contents
- Introduction
- 1. Money, output and prices: the scope of monetary policy
- 2. Monetary policy making: strategies and rules
- 3. The Euro area: an overview
- 4. The ECB strategy: defining price stability
- 5. The role of money
- 6. The broadly based assessment
- 7. The ECB strategy: an overall view
- 8. The operational framework
- 9. Accountability and transparency
- 10. The single monetary policy in 1999.
