Imes Discussion Paper Series Institute for Monetary and Economic Studies Bank of Japan
نویسنده
چکیده
The introductory phase of the European Monetary Union ended with the emission of euro currency in 2002. We present a review of the experiences with the new monetary union. Using a Taylor-rule, we analyze the ECB’s conduct of monetary policy. The empirical results suggests that the ECB applies similar weights to inflation and the output gap as the Bundesbank in the past, but more than proportionate weight to economic developments in Germany and France. Next, we show that the link between monetary developments and inflation in the euro area is empirically very stable. ECB monetary policy was too loose in the first four years to keep inflation below the bank’s upper limit of two percent defining price stability. In the last section we analyze the fiscal framework of EMU and show that it has not succeeded in safeguarding fiscal discipline especially of the large member states.
منابع مشابه
Imes Discussion Paper Series Institute for Monetary and Economic Studies Bank of Japan
This paper summarizes the analysis and findings of the Boskin Commission, reviews criticisms, provides responses to criticisms, summarizes recent changes in the CPI and recent research on price measurement.
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