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

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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.

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Product Details

  • ISBN-13: 9781898128595
  • Publisher: Centre for Economic Policy Research
  • Publication date: 5/1/2001
  • Edition number: 3
  • Pages: 60
  • Product dimensions: 8.50 (w) x 10.96 (h) x 0.19 (d)

Meet the Author

Alberto Alesina is Nathaniel Ropes Professor of Political Economics at Harvard University. Olivier Blanchard is Professor of Economics at MIT. Jordi Gali is the Director of the Centre de Reccera en Economia Internacional (CREI) and a Professor of Economics at Universitat Pompeu Fabra (Barcelona). He is co-director of CEPR's International Macroeconomics Programme and an NBER Research Associate. Francesco Giavazzi is is professor of economics at Bocconi university in Milan and a Regular Visiting Professor at the Massachusetts Institute of Technology (MIT). Harald Uhlig is Professor of Economic Policy at Humboldt Universitat zu Berlin and a Research Fellow in CEPR's International Macroeconomics and Financial Economics research programmes.

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Table of Contents

MECB Statement of Purpose
List of Figures
List of Tables
List of Boxes
Executive Summary
1 Introduction 1
2 Monetary and fiscal policy coordination in EMU 6
2.1 Introduction and summary 6
2.2 Coordination when the 'houses are in order' 7
2.3 The political economy of coordination 9
2.4 Coordination without inflation targeting 11
2.5 Multiple fiscal authorities 11
2.6 Meetings between the ECB and the Eurogroup 13
3 Country adjustments within the euro area: lessons after two years 14
3.1 Relative growth and inflation performance 14
3.2 Equilibrium inflation rates and the Balassa-Samuelson effect 16
3.3 How to adjust when adjustment is needed? 18
3.4 Overheating in Ireland 21
3.5 Spain 23
3.6 Tentative conclusions 25
4 How does the ECB set interest rates? 26
4.1 A first look at the numbers 26
4.2 A benchmark interest rate rule 27
5 Monitoring the ECB 36
5.1 Inflation 36
5.2 The exchange rate 37
5.3 The ECB and the exchange rate of the euro 40
5.4 Projections, benchmarks and forecasts 41
5.5 Transparency 46
5.6 The M3 pillar 47
References 49
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