Policy Assessment of the European Central Bank and the Stability and Growth Pact’s Echo of the Conventional Wisdom on Budget Management
This paper provides an in-depth normative analysis in two parts: 1) ECB monetary policy focusing on credibility, accountability, transparency, flexibility, and both goal and instrument independence; 2) Theoretical analysis of discrepancies of the Stability and Growth Pact rules vs. discretionary framework that is comprised of the conventional view on budget deficits and how budget deficit targeting creates a procyclical and endogenous policy.
|Date of creation:||22 Feb 2004|
|Date of revision:|
|Note:||Type of Document - word doc; prepared on WinXP; to print on HP Deskjet Series; pages: 30; figures: Within Document|
|Contact details of provider:|| Web page: http://econwpa.repec.org|
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