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Eurosystem monetary targeting : lessons from U.S. data
- Author / Creator
- Available as
- Online
- Summary
-
Abstract: Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show t...
Abstract: Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is true even with a deterministic money demand formulation. In this framework, there is thus no support for the prominent role given to money growth in the Eurosystem's monetary policy strategy.
Details
- Creator
- Glenn D. Rudebusch, Lars E.O. Svensson
- Format
- Books
- Language
- English
- Contributors
- Publication
-
- Cambridge, MA : National Bureau of Economic Research, [1999]
- ©1999
- Physical Details
-
- 1 online resource (28 pages) : illustrations
- data file
- OCLC
- ocm70121810
- "June 1999."
- Includes bibliographical references (pages 25-28).
Subjects
- Economic and Monetary Union.
- Monetary policy -- United States -- Econometric models.
- Monetary policy -- European Union countries -- Econometric models.
- Money supply -- European Union countries.
- Money supply -- United States.
- Inflation (Finance) -- United States -- Econometric models.
- Inflation (Finance) -- European Union countries -- Econometric models.