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The Formulation of Monetary Policy in EMU

Author

Listed:
  • Devine, Máiréad

    (Central Bank and Financial Services Authority of Ireland)

  • McCoy, Daniel

    (Central Bank and Financial Services Authority of Ireland)

Abstract

A key decision facing the newly formed European Central Bank will be the specification of a monetary policy strategy for the euro area. This article considers how monetary policy may be conducted within EMU, focusing on the main strategies under consideration. The agreed instruments and procedures that will be at the disposal of the ESCB are examined, where the various stages of monetary policy formulation through to the final target of price stability are outlined.

Suggested Citation

  • Devine, Máiréad & McCoy, Daniel, 1998. "The Formulation of Monetary Policy in EMU," Research Technical Papers 2/RT/98, Central Bank of Ireland.
  • Handle: RePEc:cbi:wpaper:2/rt/98
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    File URL: https://centralbank.ie/docs/default-source/publications/research-technical-papers/2rt98---the-formulation-of-monetary-policy-in-emu-(devine-and-mccoy).pdf?sfvrsn=4
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    References listed on IDEAS

    as
    1. Bernanke, Ben S. & Mihov, Ilian, 1997. "What does the Bundesbank target?," European Economic Review, Elsevier, vol. 41(6), pages 1025-1053, June.
    2. Browne, F.X. & Fagan, G. & Henry, J., 1997. "Money Demand in EU Countries : A Survey," Papers 7, European Monetary Institute.
    3. Richard H. Clarida & Mark Gertler, 1997. "How the Bundesbank Conducts Monetary Policy," NBER Chapters,in: Reducing Inflation: Motivation and Strategy, pages 363-412 National Bureau of Economic Research, Inc.
    4. Escriva, J.L. & Fagan, F.P., 1996. "Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries," Papers 2, European Monetary Institute.
    5. Paul Louis Ceriel Hilbers & Arto Kovanen & Charles Enoch, 1997. "Some Issues in the Design of Monetary Instruments for the Operation of European Economic and Monetary Union," IMF Working Papers 97/178, International Monetary Fund.
    6. Boskin, Michael J, et al, 1997. "The CPI Commission: Findings and Recommendations," American Economic Review, American Economic Association, vol. 87(2), pages 78-83, May.
    7. Dornbusch, Rudiger & Favero, Carlo A. & Giavazzi, Francesco, 1998. "A Red Letter Day?," CEPR Discussion Papers 1804, C.E.P.R. Discussion Papers.
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