Seminar Papers, Institute for International Economic Studies, Stockholm University
The first Year of the Eurosystem: Inflation Targeting or Not?
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; (follow links to similar papers)
JEL-Codes: E42; E52; E58; (follow links to similar papers)
19 pages, February 1, 2000
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