Defining a Macroeconomic Framework for the Euro Area: Monitoring the European Central Bank 3 / Edition 3

Defining a Macroeconomic Framework for the Euro Area: Monitoring the European Central Bank 3 / Edition 3

by Alberto Alesina, Olivier Blanchard, Jordi Gali, Francesco Giavazzi
     
 

ISBN-10: 1898128596

ISBN-13: 9781898128595

Pub. Date: 05/01/2001

Publisher: Brookings Institution Press

The third title in the MECB series begins with a review of the main events of the year and how the ECB has dealt with them. The authors focus mainly on eurozone inflation and the exchange rate of the euro but also address a few specific issues, such as transparency of monetary policy and the related decision, recently announced by the ECB, to publish its internal

…  See more details below

Overview

The third title in the MECB series begins with a review of the main events of the year and how the ECB has dealt with them. The authors focus mainly on eurozone inflation and the exchange rate of the euro but also address a few specific issues, such as transparency of monetary policy and the related decision, recently announced by the ECB, to publish its internal forecasts. The report then deals with three broader issues: the relationships between the ECB and the eurogroup; how the Council make monetary policy decisions; and macroeconomic adjustment in the monetary union. The MECB Update: July 2001 will mail out free with this title when it becomes available.

Product Details

ISBN-13:
9781898128595
Publisher:
Brookings Institution Press
Publication date:
05/01/2001
Pages:
60
Product dimensions:
8.50(w) x 11.00(h) x (d)

Table of Contents

MECB Statement of Purpose
List of Figures
List of Tables
List of Boxes
Acknowledgements
Foreword
Executive Summary
1Introduction1
2Monetary and fiscal policy coordination in EMU6
2.1Introduction and summary6
2.2Coordination when the 'houses are in order'7
2.3The political economy of coordination9
2.4Coordination without inflation targeting11
2.5Multiple fiscal authorities11
2.6Meetings between the ECB and the Eurogroup13
3Country adjustments within the euro area: lessons after two years14
3.1Relative growth and inflation performance14
3.2Equilibrium inflation rates and the Balassa-Samuelson effect16
3.3How to adjust when adjustment is needed?18
3.4Overheating in Ireland21
3.5Spain23
3.6Tentative conclusions25
4How does the ECB set interest rates?26
4.1A first look at the numbers26
4.2A benchmark interest rate rule27
5Monitoring the ECB36
5.1Inflation36
5.2The exchange rate37
5.3The ECB and the exchange rate of the euro40
5.4Projections, benchmarks and forecasts41
5.5Transparency46
5.6The M3 pillar47
References49

Read More

Customer Reviews

Average Review:

Write a Review

and post it to your social network

     

Most Helpful Customer Reviews

See all customer reviews >