| Description |
1 online resource (19 pages) |
| Series |
IMF working paper ; WP/11/97 |
|
IMF working paper ; WP/11/97.
|
| Contents |
Cover Page; Title Page; Copyright Page; Contents; I. Consensus Continues?; II. Monetary Policy and Asset Prices; III. Role of Money and Credit; IV. More Lessons?; References; Footnotes |
| Summary |
This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset prices, as is the case in this monetary policy approach, can lead to financial instability. In contrast, giving, inter alia, monetary factors a role in central banks policy decisions, as is done in the ECBs encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering financial stability. Finally, this paper makes a case against increasing the central banks inflation target |
| Bibliography |
Includes bibliographical references |
| Subject |
European Central Bank.
|
| SUBJECT |
European Central Bank fast |
| Subject |
Monetary policy.
|
|
Inflation targeting.
|
|
Securities -- Prices.
|
|
Banks and banking, Central.
|
|
Banks and banking, Central
|
|
Inflation targeting
|
|
Monetary policy
|
|
Securities -- Prices
|
| Form |
Electronic book
|
| Author |
International Monetary Fund. Research Department, issuing body.
|
| ISBN |
1283558904 |
|
9781283558907 |
|
9781462311217 |
|
1462311210 |
|
