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Monetary Frameworks: Is There a Preferred Option for the European Central Bank?

Author

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  • Mr. Ramana Ramaswamy

Abstract

This paper discusses how the size of the monetary union in Europe can influence the choice of the monetary framework. The main conjecture is that the European Central Bank ought to target inflation if monetary union is confined to a “core” group of countries. However, the decision on whether to target inflation or monetary aggregates is not an unambiguous one if monetary union is EU-wide; the choice of the framework will depend on the type of shocks that are likely to prevail. The arguments motivating these conjectures essentially concern the trade-offs between the viability and credibility of different monetary frameworks.

Suggested Citation

  • Mr. Ramana Ramaswamy, 1997. "Monetary Frameworks: Is There a Preferred Option for the European Central Bank?," IMF Policy Discussion Papers 1997/006, International Monetary Fund.
    • Handle: RePEc:imf:imfpdp:1997/006
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=2242
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    Cited by:

    1. Vicente Pallardo & Vicente Esteve, 2000. "The P* model and its performance for the Spanish economy," Applied Financial Economics, Taylor & Francis Journals, vol. 10(4), pages 449-459.
    2. Devine, Máiréad & McCoy, Daniel, 1997. "Inflation Targeting: A Review of the Issues," Research Technical Papers 5/RT/97, Central Bank of Ireland.

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