search query: @author Beck, G.W. / total: 1
reference: 1 / 1
« previous | next »
| Author: | Beck, G.W. Wieland, V. |
| Title: | Money in monetary policy design: A formal characterization of ECB-style cross-checking |
| Journal: | Journal of the European Economic Association
2007 : APR/MAY, VOL. 5:2-3, p. 524-533 |
| Index terms: | monetary policy central banks European Union money models |
| Language: | eng |
| Abstract: | Having received much criticism, the European Central Bank (ECB) has assigned a special role to money in its 2-pillar strategy. In this paper, developed is a justification for including money in the interest rate rule by allowing for imperfect knowledge regarding unobservables, e.g. potential output and equilibrium interest rates. A novel characterization of ECB-style monetary cross-checking is formulated. It is shown to be able to generate substantial stabilization benefits etc. |
« previous | next »
SCIMA