Scandinavian Working Papers in Economics

Seminar Papers,
Stockholm University, Institute for International Economic Studies

No 681: The first Year of the Eurosystem: Inflation Targeting or Not?

Lars Svensson (svensson@princeton.edu)
Additional contact information
Lars Svensson: Institute for International Economic Studies, Stockholm University, Postal: Stockholm University, S-106 69 Stockholm, Sweden

Abstract: This paper is a brief evaluation of the Eurosystem's monetary-policy regime after its first year, in particular of the extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the Eurosystem's goals, framework for monetary-policy decisions and communication with outsiders. Criteria for evaluation are whether the goals are unambiguous and appropriate; whether the decision framework is appropriate relative to the goals; and whether the communication is effective in motivating decisions, simplifying external evaluation and thereby improving transparency and accountability. I also consider whether the actual instrument setting has been appropriate, given the information available at the times of decision.

Keywords: monetary targeting; ECB; Transparency

JEL-codes: E42; E52; E58

19 pages, February 1, 2000

Full text files

FULLTEXT01 PDF-file 

Download statistics

Questions (including download problems) about the papers in this series should be directed to Hanna Christiansson (hanna.christiansson@iies.su.se)
Report other problems with accessing this service to Sune Karlsson (sune.karlsson@oru.se).

RePEc:hhs:iiessp:0681This page generated on 2024-09-13 22:15:25.