The ECB’s monetary analysis revisited
Berger, Helge ;  Harjes, Thomas ;  Stavrev, Emil ;  Universität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft

Main titleThe ECB’s monetary analysis revisited
AuthorBerger, Helge
AuthorHarjes, Thomas
AuthorStavrev, Emil
InstitutionUniversität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft
No. of Pages63 S.
Series Diskussionsbeiträge des Fachbereichs Wirtschaftswissenschaft ; 2008/14 : Volkswirtschaftliche Reihe
KeywordsECB, monetary analysis, monetary pillar, New Keynesian model, DSGE model, P* model, Twopillar Phillips curve, VAR model, generalized dynamic factor model
Classification (DDC)337 International economics
339 Macroeconomics and related topics
Also published in
AbstractMonetary aggregates continue to play an important role in the ECB’s policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary “pillars” of
the ECB’s policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices.
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FU DepartmentDepartment Business and Economics
Other affiliation(s)Lehrstuhl für Geldtheorie und Geldpolitik
Year of publication2008
Type of documentBook
Terms of use/Rights Nutzungsbedingungen
Created at2009-08-05 : 07:31:54
Last changed2015-01-22 : 04:40:27
Static URLhttp://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000002823