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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