The Performance of Alternative Monetary Regimes

Laurence Ball

Chapter 23 in Handbook of Monetary Economics, 2010, vol. 3, pp 1303-1343 from Elsevier

Abstract: This paper compares the performance of economies with different monetary regimes during the last quarter century. The conclusions include: (1) There is little evidence that inflation targeting affects performance in advanced economies, but some evidence of benefits in emerging economies; (2) Europe's monetary union has increased intra-European trade and capital flows, but divergence in national price levels may destabilize output in the future; (3) The "monetary analysis" of the European Central Bank has little effect on the ECB's policy decisions; and (4) Countries with hard currency pegs experience unusually severe recessions when capital flight occurs.

Keywords: Monetary Policy; Inflation Targeting; Currency Union; European Central Bank; Hard Peg (search for similar items in EconPapers)
JEL-codes: E0 (search for similar items in EconPapers)
Date: 2010
ISBN: 978-0-444-53470-5
References: Add references at CitEc
Citations: View citations in EconPapers (70)

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Working Paper: The Performance of Alternative Monetary Regimes (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:monchp:3-23

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