The First Year of the Eurosystem: Inflation Targeting or Not?
2000 (English)Report (Other academic)
This paper is a brief evaluation of the Eurosystem's monetary-policy regime after its first year, in particular of the extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the Eurosystem's goals, framework for monetary-policy decisions and communication with outsiders. Criteria for evaluation are whether the goals are unambiguous and appropriate; whether the decision framework is efficient in collecting and processing information and reaching decisions that are appropriate relative to the goals; and whether the communication is effective in motivating decisions, simplifying external evaluation and thereby improving transparency and accountability. I also consider whether the actual instrument setting has been appropriate, given the informaion available at the times of decision.
Place, publisher, year, edition, pages
Stockholm: IIES , 2000. , 19 p.
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 681
monetary targeting, ECB, transparency
IdentifiersURN: urn:nbn:se:su:diva-41149OAI: oai:DiVA.org:su-41149DiVA: diva2:328520