The First Year Of The Eurosystem: Inflation Targeting Or Not?

Lars Svensson

No 2380, CEPR Discussion Papers from Centre for Economic Policy Research

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 efficient in collecting and processing information and reaching decisions that are 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: Ecb; Monetary targeting; transparency (search for similar items in EconPapers)
JEL-codes: E42 E52 E58 (search for similar items in EconPapers)
Date: 2000-02
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Citations: View citations in EconPapers (53)

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Related works:
Journal Article: The First Year of the Eurosystem: Inflation Targeting or Not? (2000)
Working Paper: The first Year of the Eurosystem: Inflation Targeting or Not? (2000)
Working Paper: The First Year of the Eurosystem: Inflation Targeting or Not? (2000)
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