Lessons for monetary policy : what should the consensus be? /

Lessons for monetary policy : what should the consensus be? /

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Bibliographic Details
Author / Creator:	Issing, Otmar, author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2011.
Description:	1 online resource (19 pages)
Language:	English
Series:	IMF working paper ; WP/11/97 IMF working paper ; WP/11/97.
Subject:	European Central Bank. European Central Bank. Monetary policy. Inflation targeting. Securities -- Prices. Banks and banking, Central. Banks and banking, Central. Inflation targeting. Monetary policy. Securities -- Prices. Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12499316

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. Research Department, issuing body.
ISBN:	1283558904 9781283558907 9781462311217 1462311210
Notes:	Includes bibliographical references.
Summary:	This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset prices, as is the case in this monetary policy approach, can lead to financial instability. In contrast, giving, inter alia, monetary factors a role in central banks policy decisions, as is done in the ECBs encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering financial stability. Finally, this paper makes a case against increasing the central banks inflation target.
Other form:	Print version: Issing, Otmar. Lessons for Monetary Policy: What Should the Consensus Be? Washington : International Monetary Fund, ©2011 9781455254286

Description
Summary:	This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset prices, as is the case in this monetary policy approach, can lead to financial instability. In contrast, giving, inter alia, monetary factors a role in central banks' policy decisions, as is done in the ECB's encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering financial stability. Finally, this paper makes a case against increasing the central banks' inflation target.
Physical Description:	1 online resource (19 pages)
Bibliography:	Includes bibliographical references.
ISBN:	1283558904 9781283558907 9781462311217 1462311210