TY - BOOK ID - 84541288 TI - The ECB'S Money Pillar : An Assessment PY - 2003 SN - 1462382266 1452787581 1281324108 1451896654 9786613778703 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Inflation KW - Macroeconomics KW - Money and Monetary Policy KW - Public Finance KW - Financial Risk Management KW - Monetary Policy KW - Central Banks and Their Policies KW - Price Level KW - Deflation KW - Taxation, Subsidies, and Revenue: General KW - Financial Crises KW - Monetary economics KW - Public finance & taxation KW - Economic & financial crises & disasters KW - Inflation targeting KW - Price stabilization KW - Inflation persistence KW - Communications in revenue administration KW - Prices KW - Monetary policy KW - Asset bubbles KW - Financial crises KW - Government policy KW - Revenue KW - Germany UR - https://www.unicat.be/uniCat?func=search&query=sysid:84541288 AB - This paper discusses the case for a money pillar in the European Central Bank's (ECB) monetary policy strategy. Time-series evidence for industrial countries based on frequency-domain and unobserved-components analysis suggests that money can play a useful role in gauging and constraining long-run risks to price stability. Moreover, the specter of asset price bubbles and some of the area's institutional features, which may impart considerable persistence to area-wide inflation, caution against shifting to conventional inflation targeting. But the time series evidence also seems to point to a relatively loose connection between variations in nominal money growth and inflation in the short to medium run. As a consequence, effective communication of the ECB's monetary policy decisions from the point of view of the present money pillar is likely to remain a challenging task. ER -