The First Year of the Eurosystem: Inflation Targeting or Not?

Lars Svensson

No 7598, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: E42 E52 (search for similar items in EconPapers)
Date: 2000-08
New Economics Papers: this item is included in nep-eec, nep-his, nep-ifn and nep-mon
Note: IFM ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (51)

Published as American Economic Review: Papers and Proceedings, Vol. 90, No. 2, (May, 2000).

Downloads: (external link)
http://www.nber.org/papers/w7598.pdf (application/pdf)

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)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:7598

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w7598

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().