2001
DOI: 10.1017/cbo9780511492457
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Monetary Policy in the Euro Area

Abstract: How and for whose benefit the European Central Bank (ECB) will work is the most important issue facing Europe, and has been the subject of vast media and academic interest which has already spawned a vast literature of discussion papers in the academic literature, and 'Euro Watch' features. Much of this discussion has been of an increasingly hysterical and political nature and has served to blur rather than inform. This book, written by a team at the ECB, including Otmar Issing the ECB's Chief Economist, provi… Show more

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Cited by 238 publications
(38 citation statements)
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“…Endorsements of the proposition appear not only in the recent outline by Issing et al (2001) of the ECB's monetary policy strategy, but also in statements by policymakers outside the euro area. For example, King (1997, p. 441) states that "inflation is assuredly a monetary phenomenon in the medium term"; Meyer (2001a, p. 5) …”
Section: Money and Inflationmentioning
confidence: 99%
“…Endorsements of the proposition appear not only in the recent outline by Issing et al (2001) of the ECB's monetary policy strategy, but also in statements by policymakers outside the euro area. For example, King (1997, p. 441) states that "inflation is assuredly a monetary phenomenon in the medium term"; Meyer (2001a, p. 5) …”
Section: Money and Inflationmentioning
confidence: 99%
“…The Bayesian maximum likelihood estimation of a DSGE model for the euro area by Smets and Wouters (2002) excludes money from the list of variables modeled. 2 A considerable amount of econometric work has been done on the role of money in the euro area, as discussed by Issing et al (2001) and the ECB (2003), but this work is typically either explicitly reduced form or has relied on postulated behavioral relationships that lack microfoundations (e.g., IS-LM systems without proper account for forwardlooking behavior, or with lagged terms not traced explicitly to private sector optimization).…”
Section: Introductionmentioning
confidence: 99%
“…677, 681, andIssing et al (2001), p. 6). However, different inflation forecast approaches such as the p-star model require a reliable estimation of a money demand function.…”
Section: Introductionmentioning
confidence: 95%