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Eurosystem Monetary Targeting: Lessons from U.S. Data
Federal Reserve Bank of San Fransisco.
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
1999 (English)Report (Other academic)
Abstract [en]

Using small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflatoin and output variability. This is true even with a deterministic money demand formulation. in this framework, there is thus no support for the prominent role given to money growth in the Eurosystem's monetary policy strategy.

Place, publisher, year, edition, pages
Stockholm: IIES , 1999. , 35 p.
Series
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 672
Keyword [en]
inflation targeting, monetary targeting, ECB
National Category
Economics
Identifiers
URN: urn:nbn:se:su:diva-41097OAI: oai:DiVA.org:su-41097DiVA: diva2:328305
Available from: 2010-07-02 Created: 2010-07-02 Last updated: 2010-08-16Bibliographically approved

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Svensson, Lars E.O.
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf