Hidden Bibliographic Details
Other authors / contributors: | International Monetary Fund. European I Department.
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ISBN: | 1451896654 9781451896657 1281324108 9781281324108 1462382266 9781462382262 1452787581 9781452787589 9786613778703 6613778702
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Notes: | Includes bibliographical references (pages 30-31). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 English. digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
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Summary: | This paper discusses the case for a money pillar in the European Central Bank's (ECB) monetary policy strategy. Time-series evidence for industrial countries based on frequency-domain and unobserved-components analysis suggests that money can play a useful role in gauging and constraining long-run risks to price stability. Moreover, the specter of asset price bubbles and some of the area's institutional features, which may impart considerable persistence to area-wide inflation, caution against shifting to conventional inflation targeting. But the time series evidence also seems to point to a relatively loose connection between variations in nominal money growth and inflation in the short to medium run. As a consequence, effective communication of the ECB's monetary policy decisions from the point of view of the present money pillar is likely to remain a challenging task.
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Other form: | Print version: Jaeger, Albert. ECB's money pillar. [Washington, D.C.] : International Monetary Fund, ©2003
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Standard no.: | 10.5089/9781451896657.001
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