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The Controllability of a Monetary Aggregate in EMU

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Author Info

  • Alberto Cabrero
  • Juan L. Escrivá
  • Emilio Muñoz
  • Juan Peñalosa
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    Abstract

    The ECB has still not decided which monetary policy strategy to pursue from 1999. However, the preparatory work has reduced the possible alternatives to two: a strategy of intermediate objectives fixed in terms of the quantity of money and a direct inflation targeting strategy. It would be also possible to apply a strategy combining element of both.

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    Bibliographic Info

    Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9817.

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    Length: 38 pages
    Date of creation: 1998
    Date of revision:
    Handle: RePEc:bde:wpaper:9817

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    Web page: http://www.bde.es/
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    Related research

    Keywords: MONETARY POLICY ; EUROPE ; MONETARY AREAS;

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    Cited by:
    1. Svensson, L.E.O., 1999. "Monetary Policy Issues for the Eurosystem," Papers 667, Stockholm - International Economic Studies.
    2. Jan Gottschalk & Felipe Martinez Rico & Willem Van Zandweghe, 2000. "Money as an Indicator in the Euro Zone," Kiel Working Papers 984, Kiel Institute for the World Economy.
    3. Jan Gottschalk & Stéphanie Stolz, 2001. "The Link of the Monetary Indicator to Future Inflation in the Euro Area � A Simulation Experiment," Kiel Working Papers 1057, Kiel Institute for the World Economy.
    4. Coenen, Günter & Vega, Juan Luis, 1999. "The demand for M3 in the euro area," Working Paper Series 0006, European Central Bank.

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