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What Monetary Policy Can Do: The Clarified Approach Of The Ecb

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  • Dietrich Schönwitz

Abstract

In the confirmed and clarified monetary strategy of the ECB, money still plays a prominent role. Regarding inflation as a monetary phenomenon and concentrating on price stability the ECB rejects an activist monetary policy. However, public and open discussion may contribute to further improvement of transparency and predictability of the ECB's operations.

Suggested Citation

  • Dietrich Schönwitz, 2004. "What Monetary Policy Can Do: The Clarified Approach Of The Ecb," Economic Affairs, Wiley Blackwell, vol. 24(3), pages 64-68, September.
    • Handle: RePEc:bla:ecaffa:v:24:y:2004:i:3:p:64-68
    DOI: 10.1111/j.1468-0270.2004.t01-1-00494.x
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    References listed on IDEAS

    as
    1. Dewald, William G., 2003. "Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880-2001," Working Paper Series 253, European Central Bank.
    2. Allan H. Meltzer, 2001. "The Transmission Process," Palgrave Macmillan Books, in: Deutsche Bundesbank (ed.), The Monetary Transmission Process, chapter 3, pages 112-130, Palgrave Macmillan.
    3. William A.Niskanen, 2002. "On the Death of the Phillips Curve," Cato Journal, Cato Journal, Cato Institute, vol. 22(2), pages 193-198, Fall.
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    Cited by:

    1. Hisali, Eria, 2010. "Fiscal policy consistency and its implications for macroeconomic aggregates: The case of Uganda," Research Series 113615, Economic Policy Research Centre (EPRC).

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