Monitoring the European Central Bank 5

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  • Format: Paperback
  • Copyright: 2004-06-01
  • Publisher: Brookings Inst Pr

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As one of the world's key central banks, the European Central Bank comes under intense public scrutiny. Yet, its constituency is diverse, with different national traditions of central banking and varied views about the conduct of monetary policy. The ECB acts on behalf of all the members of EMU, but belongs to no particular member state. It is accountable to the European Parliament, which has only a very recent tradition of oversight of monetary policy. For these reasons, there is a need for a regular, rigorous, non-partisan and pan-European analysis of the options facing the ECB and the policies it pursues. Monitoring the European Central Bank addresses this need. Written by a team of distinguished academic economists known internationally for their work on macroeconomics and monetary policy, MECB produces a full report and an Update each year. The full report describes the issues faced by the ECB during the preceding year; assesses the policy choices that were made; and sets out the issues likely to arise during the coming year. The Update offers a follow-up to the main report, and is written in the light of the Bank's own annual report.

Author Biography

Jordi Gali is the Director of the Centre de Recerca en Economia Internacional (CREI) and a Professor of Economics at Universitat Pompeu Fabra (Barcelona) Stefan Gerlach is Director of the Hong Kong Institute for Monetary Research, Adjunct Professor of Economics at the University of Basel Julio Rotemberg is the William Ziegler Professor of Business Administration at the Harvard Business School Harald Uhlig is Professor of Economic Policy at Humboldt Universitat zu Berlin Michael Woodford is Harold H Helm '20 Professor of Economics and Banking at Princeton University

Table of Contents

MECB Statement of Purposep. vii
List of Figuresp. viii
List of Tablesp. ix
List of Boxesp. ix
Acknowledgementsp. x
Executive Summaryp. xi
A new presidentp. 1
Recommendations for a practical manp. 6
The new monetary policy strategy: what does it mean?p. 9
The monetary policy strategy in the early years of EMU: a summary assessmentp. 9
The definition of price stability revisitedp. 11
The 'two-pillar' approachp. 17
Is monetary monitoring necessary to prevent instability due to self-fulfilling expectations?p. 29
Conclusionsp. 33
Deflationp. 35
Dealing with the threat of deflationp. 35
Potential problems caused by deflationp. 36
The problem of deflation in Germanyp. 43
Dealing with the threat of euro-wide deflationp. 45
The Duisenberg recordp. 49
Inflation outcomesp. 49
The ECB's monetary policy: was it inflation by its 'own making'?p. 53
Interest-rate setting by the ECBp. 59
Conclusionsp. 63
Referencesp. 65
Table of Contents provided by Ingram. All Rights Reserved.

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