ECB Monetary Stance

Index of press conferences by the ECB

Monetary Policy by the ECB

ECB Annual Report 2004

ECB Monetary Strategy back to top

legal documents

The Euro and the Treaty

General procedures / ECB statements:

Objective and tasks of the ECB

The ECB Monetary Policy. 2004

The single monetary policy in stage 3

The external representation of the euro area

Noyer, Christian (2001), The stability-oriented monetary policy of the ECB

ECB (2001), Monetary Policy

ECB (2001), Payment and securities settlement systems in the European Union, Blue Book

Gaspar,Vítor, Quirós, Gabriel Pérez and Jorge Sicilia, (2001), The ECB monetary policy strategy and the money market, ECB Working Paper No. 69

ECB/CFS (1999), Proceedings of the Conference on Monetary policy under uncertainty, pdf 2.591 kB

The Mandate...

Why Price Stability?, ECB conference, November 2000: the documents

V. Gaspar and Frank Smets (2000), "Price level stability: some issues", National Institute Economic Review, 174, October, 68-79

Woodford, Michael (2001), Inflation Stabilization and Welfare, NBER WP 8071.

Inflation Targeting...

Orphanides, A. and V.Wieland (1999), Inflation zone targeting, ECB Working Paper No. 8

Svensson, Lars (1997), "Inflation forecast targeting: implementing and monitoring inflation targets", European Economic Review, 41(6), 1111-1146.

Svensson, Lars E.O. and Michael Woodford (2003), Implementing Optimal Policy through Inflation-Forecast targeting, NBER WP 9747.

Svensson, Lars (2000), "Open economy inflation targeting", Journal of International Economics, 50(1), February, 155-183.

Masten, Igor (2004), "Open Economy Inflation Targeting with Permanent Sector-Specific Productivity Shock"

Gerlach, S. and Lars Svensson (2003) "Money and inflation in the euro area: A case for monetary indicators?" Journal of Monetary Economics,, 50, November, pp 1649-1672

Kuttner, Kenneth N. and Adam S. Posen (1999), Does Talk Matter After All? Inflation Targeting and Central Bank Behavior, CFS Working Paper 1999/04

Monetary Policy Rules...

Stefan, Gerlach (2004), Interest Rate Setting in the ECB: Words and Deeds

Andrew Levin, Volker Wieland and John C. Williams (2001), The performance of forecast-based monetary policy rules under  model uncertainty, ECB Working Paper No. 68

Gerlach, Stefan and Gert Schnabel (1999), The Taylor rule and interest rates in the EMU area: a note, BIS Working Paper 73

Smets, Frank (1998), Output gap uncertainty: does it matter for the Taylor rule?, BIS Working Paper 60

Taylor, John B. (ed.) (1999), Monetary Policy Rules, Chicago: Chicago University Press.

Surico, P. (2003) "Asymmetric Reaction Functions for the Euro Area", Oxford Review of Economic Policy, Spring, pp. 44-57.

Gerdesmeier, G. and B. Roffia (2003): "Empirical estimates of reaction functions for the euro area "ECB Working Paper No. 206

Clarida, Richard, Jordi Galí and Mark Gertler (1998): "Monetary Policy Rules in Practice: Some International Evidence," European Economic Review 42: 1033-1067 (link: M. Gertler's web page).

Clarida, Richard, Jordi Galí, and Mark Gertler (2000): "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," Quarterly Journal of conomics 115: 147-180.

McCallum, Bennet T. (1999), „Issues in the Design of Monetary Policy Rules,“ in: John B. Taylor and Michael Woodford (eds.), Handbook of Macroeconomics, Amsterdam: North-Holland.

Coutinho, Leonor (2002), Monetary Policy Rules and the International Monetary Transmission, mimeo.

European System of CBs back to top

General procedures / ECB statements:

How do national central banks work with the ECB?

Debates on Transparency, Credibility, Accountability...

Hämäläinen, Sirkka (2001) The ECB's monetary policy - accountability, transparency and communication

Hämäläinen, Sirkka (1999), The single monetary policy - the role of transparency and openness, speech delivered at the Citizens'  Agenda 2000 NGO Forum, Tampere. [EN ]

Issing, Otmar (1999), The monetary policy of the ECB: stability, transparency, accountability

J. De Haan, F. Antembrink and S. Eijffinger (1998), "Accountability of Central Banks: Aspects and quantification", CentER Discussion Paper, No. 9854, Tilburg University, May.

S. Lohmann (1996), "Quis custodiet pros custodes?", in (ed.) H. Siebert: Monetary Policy in an Integrated World Economy (Tuebingen, Mohr).

O. Issing (1999), "The Eurosystem: transparent and accountable or ‘Willem in Euroland’", Journal of Common Market Studies, 37(3), 503-19.

W. Buiter (1999), "Alice in Euroland", Journal of Common Market Studies, 37(2), 181-209.

Geraats, Petra (2001a): "Why Adopt Transparency? The Publication of Central Bank Forecasts," ECB WP 41.

Winkler, Bernhard (2000) Which kind of transparency? On the  need for clarity in monetary policy-making, ECB Working Paper No. 26

Inflation in EMU back to top

EUROPEAN FORECASTING NETWORK - Winter Report 2004

Forecasts of inflation and growth (ECB survey of professional forecasters)

Commodity prices: are they a theat for inflation?

Fred Furlong and Robert Ingenito (1996), Commodity Prices and Inflation, FRB/SF, PDF

Heterogeniety in the Euroarea...

Duisenberg, Wim (2000), Are different price developments in the euro area a cause for concern?

Duisenberg, Wim (1999), Economic divergences in the euro area: the consequences for economic policies, speech delivered at 'Nieuwspoort' in The  Hague, the Netherlands EN

Bjorksten N. and M. Syrjanen (1999), "Divergences in the Euro Area: a cause for concern?", Discussion Paper, Bank of Finland, 11/99.

ECB (2003), Inflation Differentials in the Euro Area: Potential Causes and Policy Implications. PDF.

Margarida Duarte (2003), The Euro and Inflation Divergence in Europe, Federal Reserve Bank of Richmond Economic Quarterly, 85(3), 53-69.

Convergence...

Alberola, Enrique, Ana Buisán and Santiago Fernández de Lis, The Quest for Nominal and Real Convergence Through Integration in Europe and Latin America, Pdf, Bank of Spain.

Cecchetti, Stephen, Nelson C. Mark and Robert Sonora (1999), Price Level Convergence Among United States Cities: Lessons for the European Central Bank

Angeloni, I and Dedola L. (1999), From the ERM to the euro: new evidence on economic and policy convergence among EU countries, ECB working paper no 4

Effects of Monetary Policy back to top

Monetary Policy Transmission in Europe...

Angeloni, Ignazio, Anil K. Kashyap, Benoit Mojon and Daniele Terlizzese, (2003) “The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and the U.S.“ NBER WP 9985.

Angeloni, Ignazio, Anil K. Kashyap and Benoit Mojon (eds) (2003), Monetary Policy Transmission in the Euro Area, Cambridge University Press.

O. Tristani and C. Monticelli (1999), What does the single monetary policy do? A SVAR benchmark for the European Central Bank, ECB working paper no 2

Dornbusch R., C. Favero and F. Giavazzi (1998), "Immediate challenges for the European Central Bank", Economic Policy, 13(26), 15-64.

Angeloni, I. and M.Ehrmann (2003) "Monetary Transmission in the Euro Area: early evidence", Economic Policy, 37, October, 469-502.

Ehrmann, Michael (2000), “Comparing Monetary Policy Transmission across European Countries,” Weltwirtschaftliches Archiv, 136(1), 59-83.

Ehrmann, Michael (1998), Will EMU Generate Asymmetry? Comparing Monetary Policy Transmission Across European Countries, EUI working paper No 98/28

Empirical Models of Transmission...

Bernanke, Ben, Jean Boivin and Piotr Eliasz (2004), Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach, NBER WP 10220.

Christiano, Lawrence J., Martin Eichenbaum and Charles Evans (1999), „Monetary Policy Shocks: What Have We Learned and to What End?“ in: John B. Taylor and Michael Woodford (eds.), Handbook of Macroeconomics, Amsterdam: North-Holland. Also available as NBER WP 6400.

Bernanke, Ben and Ilian Mihov (1998), „Measuring Monetary Policy,“ Quarterly Journal of Economics, CXIII, also NBER WP 5145.

Blanchard, Olivier, and Danny Quah (1989): “The Dynamic Effects of Aggregate Demand and Supply Disturbances,” American Economic Review 79: 655-673.

Cochrane, John H. (1998), „What do VARs Mean? Measuring the Output Effects of Monetary Policy," Journal of Monetary Economics 41: 277-300, also NBER WP 5154.

Leeper, Eric M., Christopher A. Sims, and Tao Zha (1996): "What Does Monetary Policy Do?" Brookings Papers on Economic Activity 2: 1-63 (with Ben S. Bernanke's discussion, pp. 69-73; link: C.A. Sims' web page).

Romer, Christina D., and David H. Romer (1989): "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," in Olivier J. Blanchard and Stanley Fischer (eds.), NBER Macroeconomics Annual 1989, Cambridge: MIT Press (link: NBER WP version).

Sims, Christopher A. (1980): “Macroeconomics and Reality,” Econometrica 48: 1-48.

Sims, Christopher A. (1992): “Interpreting the Macroeconomic Time Series Facts: The Effects of Monetary Policy,” European Economic Review 36: 975-1000.

Uhlig, Harald (2001): “What Are the Effects of Monetary Policy? Results from an Agnostic Identification Procedure,” unpublished manuscript, Humboldt University.

Theory...

Yun, Tack (1996): "Nominal Price Rigidity, Money Supply Endogeneity, and Business Cycles," Journal of Monetary Economics 37: 345-370.

Rotemberg, Julio J. and Michael Woodford (1997), „An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy“, NBER Macroeconomics Annual 12, 297-346.

Goodfriend, Marvin S., and Robert G. King (1997): "The New Neoclassical Synthesis and the Role of Monetary Policy," in Ben S. Bernanke and Julio J. Rotemberg (eds.), NBER Macroeconomics Annual 1997, Cambridge: MIT Press

Clarida, Richard, Jordi Gali and Mark Gertler (1999) „The Science of Monetary Policy: A New Keynesian Perspecitive,“ Journal of Economic Literature, 37(4), 1661-1707.

Chari, V.V., Patrick J. Kehoe and Ellen R. McGrattan (2000) „Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?“ Econometrica, 68(5), 1151-1179; also NBER WP 5809.

Christiano, Lawrence J., Martin Eichenbaum and Charles Evans (2001), Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy, NBER WP 8403.

Boivin, Jean and Marc Giannoni (2003), „Has Monetary Policy Become More Effective?“ NBER WP 9459.

Amato, Jeffery D. and Thomas Laubach (2003), „Estimation and Control of an Optizimation-based model with Sticky Prices and Wages“, Journal of Economic Dynamics and Control, 27(7),1181-1215.

Christiano, Lawrence J., Martin Eichenbaum and Charles L. Evans (1997) „Sticky Price and Limited Participation Models of Money: A Comparison,“ European Economic Review, 1201-1249.

Mankiw, Greogory N. and Ricardo Reis (2002), „Sticky Information versus Sticky Prices: A Proposal to replace the New Keynesian Phillips Curve“ mimeo.

Woodford, Michael (2001), Imperfect Common Knowledge and the Effects of Monetary Policy, NBER WP 8673.

Dotsey, Michael, Robert G. King, and Alexander L. Wolman (1999): "State Dependent ricing and the General Equilibrium Dynamics of Money and Output," Quarterly Journal of Economics 114: 655-690.