haku: @indexterm European Central Bank / yhteensä: 19
viite: 7 / 19
| Tekijä: | Cecchetti, S.G. Wynne, M.A. |
| Otsikko: | Inflation measurement and the ECB's pursuit of price stability: a first assessment |
| Lehti: | Economic Policy
2003 : OCT, 37, p. 395-434 |
| Asiasana: | Consumer price index European Central Bank Harmonization Inflation |
| Kieli: | eng |
| Tiivistelmä: | The Harmonization Index of Consumer Prices (HICP) is at the core of the monetary policy strategy of the European Central Bank (ECB). It is the basis for the quantitative definition of price stability that is the ECB's principle objective. For operational purposes, in Oct 1998 the Governing Council of the ECB originally announced that its definition of price stability would be an annual increase in the HICP of "below 2%". In May 2003, this was changed to "close to 2%". But is 2% the right number? Analysis suggests that the answer is no, and that a modest upward redefinition of HICP inflation consistent with price stability is warranted. The ECB's guest for price stability during the first years of monetary union is evaluated from a measurement perspective. |
SCIMA