The ECB's monetary analysis revisited

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040 ⊔ ⊔ ‡aDJB ‡cDJB
090 ⊔ ⊔ ‡aHG3881.5.I58 ‡bW67 no.08/171
100 1 ⊔ ‡aBerger, Helge.
245 1 4 ‡aThe ECB's monetary analysis revisited / ‡cprepared by Helge Berger, Thomas Harjes, and Emil Stavrev.
246 3 ⊔ ‡aEuropean Central Bank's monetary analysis revisited
260 ⊔ ⊔ ‡aWashington, D.C. : ‡bInternational Monetary Fund, European Dept., ‡c2008.
300 ⊔ ⊔ ‡a61 p. : ‡bill. ; ‡c28 cm.
490 ⊔ 0 ‡aIMF working paper ; ‡vWP/08/171
500 ⊔ ⊔ ‡a"July 2008."
504 ⊔ ⊔ ‡aIncludes bibliographical references (p. 50-61).
520 3 ⊔ ‡aMonetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary "pillars" of the ECB's policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices.
530 ⊔ ⊔ ‡aAlso available on the World Wide Web.
538 ⊔ ⊔ ‡aMode of access: Internet.
610 2 0 ‡aEuropean Central Bank ‡xEconometric models.
650 ⊔ 0 ‡aMoney ‡zEurope ‡xEconometric models.
650 ⊔ 0 ‡aMonetary policy ‡zEurope ‡xEconometric models.
700 1 ⊔ ‡aStavrev, Emil.
700 1 ⊔ ‡aHarjes, Thomas, ‡d1969-
710 2 ⊔ ‡aInternational Monetary Fund. ‡bEuropean Dept.
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