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The Formulation of Monetary Policy in EMU

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  • Devine, Máiréad

    (Central Bank and Financial Services Authority of Ireland)

  • McCoy, Daniel

    (Central Bank and Financial Services Authority of Ireland)

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    Abstract

    A key decision facing the newly formed European Central Bank will be the specification of a monetary policy strategy for the euro area. This article considers how monetary policy may be conducted within EMU, focusing on the main strategies under consideration. The agreed instruments and procedures that will be at the disposal of the ESCB are examined, where the various stages of monetary policy formulation through to the final target of price stability are outlined.

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    File URL: http://www.centralbank.ie/publications/documents/2RT98.pdf
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    Bibliographic Info

    Paper provided by Central Bank of Ireland in its series Research Technical Papers with number 2/RT/98.

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    Length: 27 pages
    Date of creation: Jun 1998
    Date of revision:
    Handle: RePEc:cbi:wpaper:2/rt/98

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Clarida, R. & Gertler, M., 1996. "How the Bundesbank Conducts Monetary Policy," Working Papers 96-14, C.V. Starr Center for Applied Economics, New York University.
    2. Boskin, Michael J, et al, 1997. "The CPI Commission: Findings and Recommendations," American Economic Review, American Economic Association, vol. 87(2), pages 78-83, May.
    3. Bernanke, Ben S. & Mihov, Ilian, 1997. "What does the Bundesbank target?," European Economic Review, Elsevier, vol. 41(6), pages 1025-1053, June.
    4. Escriva, J.L. & Fagan, F.P., 1996. "Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries," Papers 2, European Monetary Institute.
    5. Frank Browne & Gabriel Fagan & Jerome Henry, 2005. "Money Demand in EU Countries: A Survey," Macroeconomics 0503004, EconWPA.
    6. Dornbusch, Rudiger & Favero, Carlo A & Giavazzi, Francesco, 1998. "A Red Letter Day?," CEPR Discussion Papers 1804, C.E.P.R. Discussion Papers.
    7. Paul Louis Ceriel Hilbers & Arto Kovanen & Charles Enoch, 1997. "Some Issues in the Design of Monetary Instruments for the Operation of European Economic and Monetary Union," IMF Working Papers 97/178, International Monetary Fund.
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