Gateway to Think Tanks
来源类型 | Speeches & Papers |
规范类型 | 其他 |
Priorities for Review of the ECB’s Monetary Policy Strategy | |
Jérémie Cohen-Setton; Christopher G. Collins; Joseph E. Gagnon | |
发表日期 | 2019-12-01 |
出版年 | 2019 |
语种 | 英语 |
正文 | AbstractLower neutral rates of interest have eroded the policy space necessary to fight recessions. Against this backdrop, several central banks are re-assessing how their strategy and tools can be refined to best achieve their goals. The European Central Bank (ECB) should be no exception. Its strategy review should focus on redefining the inflation objective and on developing contingency plans for using its statutory authority creatively to achieve its mandate. Executive Summary
IntroductionMonetary policy reviews are used to assess whether, and in what possible ways, a central bank's strategy, tools, and communication practices can be refined to achieve and maintain its goals as consistently and robustly as possible (Clarida 2019). The Federal Reserve System (Fed) and the Bank of Canada (BoC) initiated monetary policy reviews in 2018. European Central Bank (ECB) President Christine Lagarde signalled in September that she would be open to doing the same for the euro area. This paper discusses the motivation for performing a monetary policy review at the ECB and what such a review should look like. It also provides background and policy recommendations for some elements of the ECB's monetary policy strategy. We focus these recommendations on two urgent elements: (1) the redefinition of price stability and (2) the need for additional monetary instruments. Other elements, such as the two-pillar analysis or the communications framework, could be improved at the margin. But they are far less important and should not detract from the requisite focus on these most urgent challenges. |
主题 | European Central Bank |
URL | https://www.piie.com/commentary/speeches-papers/priorities-review-ecbs-monetary-policy-strategy |
来源智库 | Peterson Institute for International Economics (United States) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/456691 |
推荐引用方式 GB/T 7714 | Jérémie Cohen-Setton,Christopher G. Collins,Joseph E. Gagnon. Priorities for Review of the ECB’s Monetary Policy Strategy. 2019. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。