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|z 9781451850468
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|a 1018-5941
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|a Jaeger, Albert.
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|a The ECB's Money Pillar :
|b An Assessment /
|c Albert Jaeger.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2003.
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|a 1 online resource (32 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2003/082
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2003/082/001.2003.issue-082-en.xml
|z IMF e-Library
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