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The Controllability of a Monetary Aggregate in EMU

Author

Listed:
  • Alberto Cabrero
  • Juan L. Escrivá
  • Emilio Muñoz
  • Juan Peñalosa

Abstract

The ECB has still not decided which monetary policy strategy to pursue from 1999. However, the preparatory work has reduced the possible alternatives to two: a strategy of intermediate objectives fixed in terms of the quantity of money and a direct inflation targeting strategy. It would be also possible to apply a strategy combining element of both.

Suggested Citation

  • Alberto Cabrero & Juan L. Escrivá & Emilio Muñoz & Juan Peñalosa, 1998. "The Controllability of a Monetary Aggregate in EMU," Working Papers 9817, Banco de España.
    • Handle: RePEc:bde:wpaper:9817
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    Citations

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    Cited by:

    1. Svensson, Lars E. O., 1999. "Monetary policy issues for the Eurosystem," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 51(1), pages 79-136, December.
    2. Jan Gottschalk & Stéphanie Stolz, 2001. "The Link of the Monetary Indicator to Future Inflation in the Euro-Area: A Simulation Experiment," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 70(3), pages 416-433.
    3. G. Coenen & J.-L. Vega, 2001. "The demand for M3 in the euro area," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(6), pages 727-748.
    4. Jan Gottschalk & Susanne Bröck, 2000. "Inflationsprognosen für den Euro-Raum: wie gut sind P*-Modelle?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 69(1), pages 69-89.
    5. G. Coenen & J.-L. Vega, 2001. "The demand for M3 in the euro area," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(6), pages 727-748.

    More about this item

    Keywords

    MONETARY POLICY ; EUROPE ; MONETARY AREAS;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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