The ECB's Monetary Analysis Revisited:
Monetary aggregates continue to play an important role in the ECB''s policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomp...
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2008
|
| Series: | IMF Working Papers
Working Paper No. 08/171 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | Monetary aggregates continue to play an important role in the ECB''s policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary ""pillars"" of the ECB''s policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices |
| Physical Description: | 1 Online-Ressource (61 p) |
| ISBN: | 1451870299 9781451870299 |
Staff View
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:25Z |
| indexdate | 2024-07-10T09:35:33Z |
| institution | BVB |
| isbn | 1451870299 9781451870299 |
| language | English |
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| series2 | IMF Working Papers |
| spelling | Berger, Helge Verfasser aut The ECB's Monetary Analysis Revisited Berger, Helge Washington, D.C International Monetary Fund 2008 1 Online-Ressource (61 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/171 Monetary aggregates continue to play an important role in the ECB''s policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary ""pillars"" of the ECB''s policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices Online-Ausg Harjes, Thomas Sonstige oth Stavrev, Emil Sonstige oth http://elibrary.imf.org/view/IMF001/09405-9781451870299/09405-9781451870299/09405-9781451870299.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Berger, Helge The ECB's Monetary Analysis Revisited |
| title | The ECB's Monetary Analysis Revisited |
| title_auth | The ECB's Monetary Analysis Revisited |
| title_exact_search | The ECB's Monetary Analysis Revisited |
| title_exact_search_txtP | The ECB's Monetary Analysis Revisited |
| title_full | The ECB's Monetary Analysis Revisited Berger, Helge |
| title_fullStr | The ECB's Monetary Analysis Revisited Berger, Helge |
| title_full_unstemmed | The ECB's Monetary Analysis Revisited Berger, Helge |
| title_short | The ECB's Monetary Analysis Revisited |
| title_sort | the ecb s monetary analysis revisited |
| url | http://elibrary.imf.org/view/IMF001/09405-9781451870299/09405-9781451870299/09405-9781451870299.xml |
| work_keys_str_mv | AT bergerhelge theecbsmonetaryanalysisrevisited AT harjesthomas theecbsmonetaryanalysisrevisited AT stavrevemil theecbsmonetaryanalysisrevisited |