Monetary Policy in the Euro Area: Strategy and Decision-Making at the European Central Bank

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9780511492457: Monetary Policy in the Euro Area: Strategy and Decision-Making at the European Central Bank

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.

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Book Description:

'A first: the articulation of the goals and strategy of the European Central Bank, from inside. It is an important document, which will help markets interpret monetary policy actions, and make for a much sharper professional and public debate.' Olivier Blanchard, MIT

'A detailed and thorough statement of the ECB's view of monetary policy and its strategy that will be essential for students, commentators and researchers.' Lars Svensson, Stockholm University

'In this book, the ECB sets a standard for transparency that all central banks should meet.' Allan Meltzer, Carnegie Mellon University

'This book has a significant advantage over other technical studies on similar topics. It has succeeded in providing a coherent and sufficiently transparent analysis of economic and policy-related problems. Monetary economics can be hardly accessible to non-economists, but the four authors have made of it a fascinating scientific area showing that it shares many common features with disciplines as diverse as politics, linguistics and management.' Journal of European Affairs

Book Description:

How and for whose benefit the European Central Bank (ECB) will work is the most important issue facing Europe. In this book, a team from the ECB, including Otmar Issing its Chief Economist, present a non-technical analysis of the ECB's monetary policy strategy, institutional features and procedures.

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