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.
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- Guy Debelle, 1998.
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South East Asian Central Banks (SEACEN) Research and Training Centre, number occ23, May.
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- Gunnar Jonsson, 1999. "The Relative Merits and Implications of Inflation Targeting for South Africa," IMF Working Papers 99/116, International Monetary Fund.
- 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.
- 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.
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