| Description |
1 online resource (49 pages) : illustrations |
| Series |
IMF working paper, 2227-8885 ; WP/03/91 |
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IMF working paper ; WP/03/91
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| Summary |
The ECB's objective of medium-term inflation below 2 percent has been portrayed by critics as ambiguous, asymmetric, and excessively stringent. This paper attempts a comprehensive evaluation of the trade-offs for the euro area and finds that: (1) in terms of guiding inflation expectations and policymaking, the current definition has functioned much as would an inflation target centered on 1 1/2-1 3/4 percent; (2) the absence of a specific (point) target for medium-term inflation has encumbered the communication of monetary policy; and (3) a target toward the upper end of the ECB's price-stability range would seem, at least with the current membership of EMU, to strike a judicious balance between the benefits of price stability, on the one hand, and the need to assist relative price and wage adjustment across EMU and safeguard against deflation, on the other hand |
| Bibliography |
Includes bibliographical references (pages 43-49) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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English |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
European Central Bank.
|
| SUBJECT |
European Central Bank. fast (OCoLC)fst00707463 |
| Subject |
Inflation (Finance) -- European Union countries
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Price regulation -- European Union countries
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Monetary policy -- European Union countries
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Inflation (Finance)
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Monetary policy.
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Price regulation.
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European Union countries.
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| Form |
Electronic book
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| Author |
International Monetary Fund. European I Department
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| ISBN |
1451897367 |
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9781451897364 |
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1462374174 |
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9781462374175 |
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1452704848 |
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9781452704845 |
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1281231614 |
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9781281231611 |
|
9786613777843 |
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6613777846 |
|
