G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1814
DP1814 Competition in Electricity Supply: Will '1998' be Worth it?
Richard Green; Tanga McDaniel
发表日期1998-03-31
出版年1998
语种英语
摘要This paper discusses a number of issues that the newly constituted board of the European Central Bank (ECB) will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB board, and argue that the ability to communicate to the public will be a critical factor for the success of the new institution. We also ask how a single monetary policy ? a common change in the interest rate controlled by the ECB ? is transmitted to the economy of the member countries. We show that the monetary process differs significantly inside EMU: initially, at least, the cost of a disinflation episode could thus fall very unequally on a few member countries because they have a combination of financial structure that spreads a monetary contraction widely, and a wage-price structure that is relatively inflexible. Moreover, this process is sure to evolve, in part, as a result of the financial industry restructuring that is already underway and will be accentuated by the common money. Furthermore, as the ?Lucas principle? suggests, the wage-price process itself will adapt to the changing focus of European monetary policy.
主题International Macroeconomics
关键词Credit channel European central bank European monetary union Monetary conditions index
URLhttps://cepr.org/publications/dp1814
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530968
推荐引用方式
GB/T 7714
Richard Green,Tanga McDaniel. DP1814 Competition in Electricity Supply: Will '1998' be Worth it?. 1998.
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