The evolution of monetary policy strategies in Europe
Author(s)
Bibliographic Information
The evolution of monetary policy strategies in Europe
(Financial and monetary policy studies, v. 34)
Kluwer Academic Publishers, c2000
Available at 22 libraries
  Aomori
  Iwate
  Miyagi
  Akita
  Yamagata
  Fukushima
  Ibaraki
  Tochigi
  Gunma
  Saitama
  Chiba
  Tokyo
  Kanagawa
  Niigata
  Toyama
  Ishikawa
  Fukui
  Yamanashi
  Nagano
  Gifu
  Shizuoka
  Aichi
  Mie
  Shiga
  Kyoto
  Osaka
  Hyogo
  Nara
  Wakayama
  Tottori
  Shimane
  Okayama
  Hiroshima
  Yamaguchi
  Tokushima
  Kagawa
  Ehime
  Kochi
  Fukuoka
  Saga
  Nagasaki
  Kumamoto
  Oita
  Miyazaki
  Kagoshima
  Okinawa
  Korea
  China
  Thailand
  United Kingdom
  Germany
  Switzerland
  France
  Belgium
  Netherlands
  Sweden
  Norway
  United States of America
Note
Bibliography: p. [329]-348
Includes indexes
Description and Table of Contents
Description
Europe has a rich monetary history. Until recently, its many central banks assigned divergent priorities and pursued policy objectives via different routes. As a result, Europe's past provides fertile ground for those seeking practical guidance to the art ofcentral banking. The importance of this past gained a new dimension with the prospect of Economic and Monetary Union in 1999, as the participating countries were faced with the challenge of bridging their differences and forging a common monetary policy strategy that would apply throughout the new currency area. At the same time, these countries sought to build forth on the theretofore most successful central bank strategies, thereby maintaining a certain degree of policy continuity. Monetary policy strategy is at the core of central banking. This strategy determines how incoming information on economic developments is translated into monetary policy actions and how these policy actions are communicated to the public at large. In other words, the strategy fulfils the dual role ofimposing a structure on the internal policy-making process and ofproviding a vehicle for the external communication of this process. The design of a monetary policy strategy thus brings together key elements such as consistency and transparency - that together determine the effectiveness and credibility ofmonetary policy.
Table of Contents
- Foreword
- W.F. Duisenberg. Acknowledgements. 1. Introduction. Part One: Conceptual Issues. 2. Key considerations governing the choice of monetary policy strategy. 3. Targeting options for monetary policy. Part Two: The European Experience. 4. The historical setting. 5. The evolution of money targeting, 1975-1998. 6. The evolution of exchange rate targeting. 7. The evolution of inflation targeting, 1992-1998. 8. The monetary policy strategy of the Eurosystem. Appendices I-XIV: Monetary policy targets and outcomes in individual EU countries, 1975-98. Bibliography. Author Index. Subject Index. Tables. Charts.
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