Inflation Patterns and Monetary Policy: Lessons for the European Central Bank
By: Johannes M. Groeneveld (author)Hardback
2 - 4 weeks availability
European Monetary Union and a drop in inflation characterise the 1990s for European monetary policy makers. This book analyses technical, empirical and international monetary policy considerations relevant to the European Central Bank in choosing a monetary strategy for achieving price stability.
Part 1 Introduction: background; a preliminary look at inflation; outline. Part 2 The P-framework - theory and background: theoretical and methodological underpinnings of the P-model; technical aspects; appendix 2A unit roots - theory and testing strategy. Part 3 Testing the P-model for four initial ERM members: a preliminary look at the actual data; the determination of the price gaps; regression results; concluding remarks. Part 4 Money and prices in a small EMU: the expended P-model; aggregation issues; the actual and equilibrium European variables; technical aspects of the construction of European equilibrium variables; economic distortions in Europe - theoretical and policy considerations; regression results. Part 5 Monetary spill-over effects from the ERM to Austria: a preliminary look at the data and the price gaps for Austria; the impact of national and European monetary factors on Austrian prices; concluding remarks. Part 6 Direct targeting - conceptual and empirical considerations: practical and theoretical backgrounds; preliminary look at the data; the data generating process of inflation; inflation and interest rate dynamics; what monetary strategy for the ECB - some preliminary thoughts. Part 7 About the ins and outs: convergence in Europe - a brief review of the literature; some stylized facts; an empirical analysis of convergence in Europe; economic performance and long-term interest rates; summary and some policy considerations. Part 8 Summary and concluding remarks.
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- ID: 9781858988535
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