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Will the Monetary Pillar Stay? A Few Lessons from the UK

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  • Paolo PAESANI

Abstract

The ECB formulates its policy relying on two-pillars: the monetary pillar and alternative models of inflation. The two-pillars strategy has been seriously criticized and there is a chance that it will be reconsidered at some point in the future. This paper elaborates on this possibility, concentrating on the monetary pillar and drawing suggestions from the analysis of monetary policy in the UK. The choice of the UK is motivated by the fact that the Bank of England walked all the way from monetary targeting to the informational approach to money (and inflation targeting). As the ECB is currently threading the same path, and finding troubles on the way, the aim of the paper is to work out a map of the risks laying ahead, learning from the experience of someone who has been there before.

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Bibliographic Info

Paper provided by European University Institute in its series Economics Working Papers with number ECO2003/10.

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Date of creation: 2003
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Handle: RePEc:eui:euiwps:eco2003/10

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Keywords: monetary policy; cointegration; demand for money;

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