The European Central Bank: Reshaping Monetary Politics in Europe
AbstractThis paper studies how the creation of a European Central Bank (ECB) will change the political economy of monetary policy in Europe. The twelve governors of the national Central Banks of the EEC have recently proposed a statute for the ECB which delineates its institutional structure. In this paper, we discuss the likely consequences of this statute on the conduct of monetary policy at the European level, particularly from the point of view of the trade-off between inflation and stabilization. We analyze the role of political independence of the ECB and the effect of voting rules for the appointments of the ECB board members on policy choices.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3860.
Date of creation: Oct 1991
Date of revision:
Publication status: published as in Canzoneri, M., V. Grilli and P. Masson (eds.) "Establishing a Central Bank: Issues in Europe and Lessons from the U.S." Cambridge University Press, 1992. pages 49-76
Note: ITI ME IFM
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Other versions of this item:
- Alesina, Alberto F & Grilli, Vittorio, 1991. "The European Central Bank: Reshaping Monetary Politics in Europe," CEPR Discussion Papers, C.E.P.R. Discussion Papers 563, C.E.P.R. Discussion Papers.
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- Matthew B. Canzoneri, 1983.
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International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
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CEPR Discussion Papers, C.E.P.R. Discussion Papers
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- Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 25(2), pages 151-62, May.
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