全球智库信息集成服务系统(G2TT): Stability First: Reflections Inspired by Otmar Issing's Success as the ECB's Chief Economist

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w12277
来源ID	Working Paper 12277
	Stability First: Reflections Inspired by Otmar Issing's Success as the ECB's Chief Economist
	Vitor Gaspar; Anil K. Kashyap
发表日期	2006-06-05
出版年	2006
语种	英语
摘要	In this paper, we review Otmar Issing's career as the ECB's inaugural chief economist and we document many notable successes. We try to infer some general principles that contributed to these successes and draw some lessons. In doing so, we review the evidence using Woodford%u2019s (2003) recent revival of the Wicksellian approach to monetary policy making. Suitably interpreted the baseline model can rationalize Issing%u2019s three guiding principles for successful policymaking. This baseline model, however, fails to account for the important role that monetary and financial analysis played in the conduct of policy during Issing%u2019s tenure. We propose an extension of the model to account for financial developments and show that this extended model substantially improves our understanding of ECB practice. We conclude by listing six open questions, relevant for the future of central banking in Europe that Issing may want to consider in case leisure allows.
主题	Macroeconomics ; Business Cycles ; Monetary Policy ; Money and Interest Rates
URL	https://www.nber.org/papers/w12277
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/569931
推荐引用方式 GB/T 7714	Vitor Gaspar,Anil K. Kashyap. Stability First: Reflections Inspired by Otmar Issing's Success as the ECB's Chief Economist. 2006.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w12277.pdf（302KB）	智库出版物		限制开放	CC BY-NC-SA	浏览