| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27627 |
| 来源ID | Working Paper 27627 |
| Understanding the German Criticism of the Target System and the Role of Central Bank capital | |
| Roberto Perotti | |
| 发表日期 | 2020-08-03 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Criticism of the Target system by a group of central European scholars has become a widespread argument against the policies of the European Central Bank and even the integrity of the monetary union, and even standard fare in the media and in the political debate in Germany. Most academics and practitioners that have participated in the debate have been dismissive of the German preoccupations. In this paper, I first try and clarify the many remaining misunderstandings about the workings and implications of the Target system. I propose a unified, systematic and simple approach to the study of the workings of the Target system in response to different shocks and in comparison with different alternative regimes. I then argue that the German criticism of the Target system is not so unfounded after all, and should be taken seriously, both on theoretical grounds and for its political implications. |
| 主题 | Macroeconomics ; Monetary Policy ; Fiscal Policy ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w27627 |
| 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/585299 |
| 推荐引用方式 GB/T 7714 | Roberto Perotti. Understanding the German Criticism of the Target System and the Role of Central Bank capital. 2020. |
| 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 | ||
| w27627.pdf（810KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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