| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1814
|
| 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
|
| URL | https://cepr.org/publications/dp1814
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530968
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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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