What central banks have learned: lessons from pre-EMU Europe
This paper examines the intentions and outturns of central bank policies in Europefrom the collapse of the Bretton Woods system of fixed exchange rates until the start ofEMU in 1999. It focuses on the lessons that can be drawn from the three dominant policy strategies of money targeting, exchange rate targeting and inflation targeting. Several of the lessons that are relevant to the euro area are shown to have been incorporated into the monetary policy strategy of the European Central Bank.
References listed on IDEAS
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- Issing, Otmar, 1997. "Monetary targeting in Germany: The stability of monetary policy and of the monetary system," Journal of Monetary Economics, Elsevier, vol. 39(1), pages 67-79, June.
- von Hagen, J, 1995. "Inflation and Monetary Targeting in Germany," Papers 03, American Institute for Contemporary German Studies-.
- L. Bini-Smaghi, 1998. "The democratic accountability of the European Central Bank," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 51(205), pages 119-143.
- Bennett T. McCallum, 1996. "Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom, and in General," NBER Working Papers 5579, National Bureau of Economic Research, Inc.
- Gunnar Jonsson, 1999. "The Relative Merits and Implications of Inflation Targeting for South Africa," IMF Working Papers 99/116, International Monetary Fund.
- Frederic S. Mishkin, 2000. "What should central banks do?," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 1-14.
- L. Bini-Smaghi, 1998. "The democratic accountability of the European Central Bank," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 51(205), pages 119-143.
- Guy Debelle, 1998. "Inflation Targeting in Practice," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ23.
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