The ECB's money pillar : an assessment /
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Author / Creator: | Jaeger, Albert, author. |
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Imprint: | [Washington, D.C.] : International Monetary Fund, ©2003. |
Description: | 1 online resource (31 pages) : illustrations |
Language: | English |
Series: | IMF working paper, 2227-8885 ; WP/03/82 IMF working paper ; WP/03/82. |
Subject: | |
Format: | E-Resource Book |
URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/13510590 |
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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Physical Description: | 1 online resource (31 pages) : illustrations |
Format: | 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. |
Bibliography: | Includes bibliographical references (pages 30-31). |
ISBN: | 1451896654 9781451896657 1281324108 9781281324108 1462382266 9781462382262 1452787581 9781452787589 9786613778703 6613778702 |
ISSN: | 2227-8885 ; |