The immediate challenges for the European Central Bank:
This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability to co...
Gespeichert in:
Hauptverfasser: | , , |
---|---|
Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Cambridge, Mass.
1998
|
Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
6369 |
Schlagworte: | |
Online-Zugang: | Volltext |
Zusammenfassung: | This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability to communicate to the public will be a critical factor for the success of the new institution. We also ask how a single monetary policy -- a common change in the interest rate controlled by the ECB -- is transmitted to the economy of the member countries. We show that the monetary process differs significantly inside EMU: initially disinflation episode could thus fall very unequally on a few member countries because they have a combination of financial structure that spreads a monetary contraction widely structure that is relatively inflexible. This process, moreover, is sure to evolve of the financial industry restructuring that is already underway and will be accentuated by the common money. Furthermore, as the Lucas principle suggests, the wage-price process itself will adapt to the changing focus of European monetary policy. |
Beschreibung: | 44 S. graph. Darst. |
Internformat
MARC
LEADER | 00000nam a2200000 cb4500 | ||
---|---|---|---|
001 | BV011898561 | ||
003 | DE-604 | ||
005 | 00000000000000.0 | ||
007 | t | ||
008 | 980421s1998 xxud||| |||| 00||| engod | ||
035 | |a (OCoLC)38528562 | ||
035 | |a (DE-599)BVBBV011898561 | ||
040 | |a DE-604 |b ger |e rakddb | ||
041 | 0 | |a eng | |
044 | |a xxu |c XD-US | ||
049 | |a DE-19 |a DE-521 | ||
050 | 0 | |a HB1 | |
100 | 1 | |a Dornbusch, Rudiger |d 1942-2002 |e Verfasser |0 (DE-588)123982405 |4 aut | |
245 | 1 | 0 | |a The immediate challenges for the European Central Bank |c Rudiger Dornbusch ; Carlo A. Favero ; Francesco Giavazzi |
264 | 1 | |a Cambridge, Mass. |c 1998 | |
300 | |a 44 S. |b graph. Darst. | ||
336 | |b txt |2 rdacontent | ||
337 | |b n |2 rdamedia | ||
338 | |b nc |2 rdacarrier | ||
490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 6369 | |
520 | 3 | |a This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability to communicate to the public will be a critical factor for the success of the new institution. We also ask how a single monetary policy -- a common change in the interest rate controlled by the ECB -- is transmitted to the economy of the member countries. We show that the monetary process differs significantly inside EMU: initially disinflation episode could thus fall very unequally on a few member countries because they have a combination of financial structure that spreads a monetary contraction widely structure that is relatively inflexible. This process, moreover, is sure to evolve of the financial industry restructuring that is already underway and will be accentuated by the common money. Furthermore, as the Lucas principle suggests, the wage-price process itself will adapt to the changing focus of European monetary policy. | |
610 | 1 | 7 | |a Banque centrale européenne |2 ram |
610 | 2 | 4 | |a European Central Bank |
650 | 7 | |a Politique monétaire - Europe |2 ram | |
650 | 4 | |a Monetary policy |z Europe | |
651 | 4 | |a Europa | |
700 | 1 | |a Favero, Carlo A. |d 1962- |e Verfasser |0 (DE-588)124795951 |4 aut | |
700 | 1 | |a Giavazzi, Francesco |d 1949- |e Verfasser |0 (DE-588)128615249 |4 aut | |
776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 6369 |w (DE-604)BV002801238 |9 6369 | |
856 | 4 | 1 | |u http://papers.nber.org/papers/w6369.pdf |z kostenfrei |3 Volltext |
999 | |a oai:aleph.bib-bvb.de:BVB01-008040139 |
Datensatz im Suchindex
_version_ | 1804126485192114176 |
---|---|
any_adam_object | |
author | Dornbusch, Rudiger 1942-2002 Favero, Carlo A. 1962- Giavazzi, Francesco 1949- |
author_GND | (DE-588)123982405 (DE-588)124795951 (DE-588)128615249 |
author_facet | Dornbusch, Rudiger 1942-2002 Favero, Carlo A. 1962- Giavazzi, Francesco 1949- |
author_role | aut aut aut |
author_sort | Dornbusch, Rudiger 1942-2002 |
author_variant | r d rd c a f ca caf f g fg |
building | Verbundindex |
bvnumber | BV011898561 |
callnumber-first | H - Social Science |
callnumber-label | HB1 |
callnumber-raw | HB1 |
callnumber-search | HB1 |
callnumber-sort | HB 11 |
callnumber-subject | HB - Economic Theory and Demography |
ctrlnum | (OCoLC)38528562 (DE-599)BVBBV011898561 |
format | Book |
fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02675nam a2200409 cb4500</leader><controlfield tag="001">BV011898561</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">980421s1998 xxud||| |||| 00||| engod</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)38528562</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV011898561</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakddb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-19</subfield><subfield code="a">DE-521</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HB1</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Dornbusch, Rudiger</subfield><subfield code="d">1942-2002</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)123982405</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The immediate challenges for the European Central Bank</subfield><subfield code="c">Rudiger Dornbusch ; Carlo A. Favero ; Francesco Giavazzi</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="c">1998</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">44 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">6369</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability to communicate to the public will be a critical factor for the success of the new institution. We also ask how a single monetary policy -- a common change in the interest rate controlled by the ECB -- is transmitted to the economy of the member countries. We show that the monetary process differs significantly inside EMU: initially disinflation episode could thus fall very unequally on a few member countries because they have a combination of financial structure that spreads a monetary contraction widely structure that is relatively inflexible. This process, moreover, is sure to evolve of the financial industry restructuring that is already underway and will be accentuated by the common money. Furthermore, as the Lucas principle suggests, the wage-price process itself will adapt to the changing focus of European monetary policy.</subfield></datafield><datafield tag="610" ind1="1" ind2="7"><subfield code="a">Banque centrale européenne</subfield><subfield code="2">ram</subfield></datafield><datafield tag="610" ind1="2" ind2="4"><subfield code="a">European Central Bank</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Politique monétaire - Europe</subfield><subfield code="2">ram</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Monetary policy</subfield><subfield code="z">Europe</subfield></datafield><datafield tag="651" ind1=" " ind2="4"><subfield code="a">Europa</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Favero, Carlo A.</subfield><subfield code="d">1962-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)124795951</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Giavazzi, Francesco</subfield><subfield code="d">1949-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)128615249</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series</subfield><subfield code="v">6369</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">6369</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">http://papers.nber.org/papers/w6369.pdf</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-008040139</subfield></datafield></record></collection> |
geographic | Europa |
geographic_facet | Europa |
id | DE-604.BV011898561 |
illustrated | Illustrated |
indexdate | 2024-07-09T18:18:12Z |
institution | BVB |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008040139 |
oclc_num | 38528562 |
open_access_boolean | 1 |
owner | DE-19 DE-BY-UBM DE-521 |
owner_facet | DE-19 DE-BY-UBM DE-521 |
physical | 44 S. graph. Darst. |
publishDate | 1998 |
publishDateSearch | 1998 |
publishDateSort | 1998 |
record_format | marc |
series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
spelling | Dornbusch, Rudiger 1942-2002 Verfasser (DE-588)123982405 aut The immediate challenges for the European Central Bank Rudiger Dornbusch ; Carlo A. Favero ; Francesco Giavazzi Cambridge, Mass. 1998 44 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6369 This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability to communicate to the public will be a critical factor for the success of the new institution. We also ask how a single monetary policy -- a common change in the interest rate controlled by the ECB -- is transmitted to the economy of the member countries. We show that the monetary process differs significantly inside EMU: initially disinflation episode could thus fall very unequally on a few member countries because they have a combination of financial structure that spreads a monetary contraction widely structure that is relatively inflexible. This process, moreover, is sure to evolve of the financial industry restructuring that is already underway and will be accentuated by the common money. Furthermore, as the Lucas principle suggests, the wage-price process itself will adapt to the changing focus of European monetary policy. Banque centrale européenne ram European Central Bank Politique monétaire - Europe ram Monetary policy Europe Europa Favero, Carlo A. 1962- Verfasser (DE-588)124795951 aut Giavazzi, Francesco 1949- Verfasser (DE-588)128615249 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6369 (DE-604)BV002801238 6369 http://papers.nber.org/papers/w6369.pdf kostenfrei Volltext |
spellingShingle | Dornbusch, Rudiger 1942-2002 Favero, Carlo A. 1962- Giavazzi, Francesco 1949- The immediate challenges for the European Central Bank National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Banque centrale européenne ram European Central Bank Politique monétaire - Europe ram Monetary policy Europe |
title | The immediate challenges for the European Central Bank |
title_auth | The immediate challenges for the European Central Bank |
title_exact_search | The immediate challenges for the European Central Bank |
title_full | The immediate challenges for the European Central Bank Rudiger Dornbusch ; Carlo A. Favero ; Francesco Giavazzi |
title_fullStr | The immediate challenges for the European Central Bank Rudiger Dornbusch ; Carlo A. Favero ; Francesco Giavazzi |
title_full_unstemmed | The immediate challenges for the European Central Bank Rudiger Dornbusch ; Carlo A. Favero ; Francesco Giavazzi |
title_short | The immediate challenges for the European Central Bank |
title_sort | the immediate challenges for the european central bank |
topic | Banque centrale européenne ram European Central Bank Politique monétaire - Europe ram Monetary policy Europe |
topic_facet | Banque centrale européenne European Central Bank Politique monétaire - Europe Monetary policy Europe Europa |
url | http://papers.nber.org/papers/w6369.pdf |
volume_link | (DE-604)BV002801238 |
work_keys_str_mv | AT dornbuschrudiger theimmediatechallengesfortheeuropeancentralbank AT faverocarloa theimmediatechallengesfortheeuropeancentralbank AT giavazzifrancesco theimmediatechallengesfortheeuropeancentralbank |