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Banks and banking, Central --- Banks of issue --- Money --- Monetary policy --- -Banks of issue --- -Monetary policy --- -Money --- -Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- -Banks and banking, Central --- Banks and banking, Central - Germany. --- Banks of issue - Germany. --- Money - Germany. --- Monetary policy - Germany.

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How and for whose benefit the European Central Bank (ECB) will work is the most important issue facing Europe, and has been the subject of vast media and academic interest which has already spawned a vast literature of discussion papers in the academic literature, and 'Euro Watch' features. Much of this discussion has been of an increasingly hysterical and political nature and has served to blur rather than inform. This book, written by a team at the ECB, including Otmar Issing the ECB's Chief Economist, provides the first comprehensive, inside, non-technical analysis of the monetary policy strategy, institutional features and operational procedures of the Eurosystem. The goals and the transmission mechanism of monetary policy are explored, as are the theoretical and empirical results underpinning the 'stability-oriented monetary policy strategy' adopted by the ECB. The characteristics of this strategy are also discussed in comparison with suggested alternatives.

Monetary policy --- European Central Bank --- Monetary policy. --- Monetary policy - Europe. --- Money --- Finance --- Business & Economics --- European Central Bank. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- E-books --- -banque centrale europeenne --- politique monetaire --- union europeenne --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 334.151.1 --- 334.151.21 --- 333.820 --- -Monetary policy --- -332.494 --- Ue5.2 --- europese centrale bank --- monetair beleid --- europese unie --- EG : economisch en monetair beleid. --- Europese centrale bank. ESCB. Centrale banken. --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden. --- Business, Economy and Management --- Economics --- 332.494 --- banque centrale europeenne --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- EG : economisch en monetair beleid --- Europese centrale bank. ESCB. Centrale banken --- EZB --- BUSINESS & ECONOMICS --- Electronic books --- Monetaire politiek --- Europese Centrale Bank --- Euro --- Europese Unie --- Geldpolitik --- Aufsatzsammlung --- Politique mon etaire --- Zone euro --- Money & Monetary Policy --- Europ aische Zentralbank. --- Banque centrale europ eenne. --- Europ aische Union. --- Europa --- Pol itica monetaria. --- Banco Central Europeo. --- Monetary policy - Europe

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Cost and standard of living --- Inflation (Finance) --- Wages --- 336.748 --- 336.748 Koopkracht van het geld. Geldontwaarding. Stagflatie. Inflatie. Deflatie. Devaluatie --- Koopkracht van het geld. Geldontwaarding. Stagflatie. Inflatie. Deflatie. Devaluatie --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Prices --- Cost of living adjustments --- Money. Monetary policy

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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 ECB’s 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.

Monetary policy. --- Inflation targeting. --- Securities --- Targeting, Inflation --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Prices. --- Banks and Banking --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Price Level --- Deflation --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- Banking --- Asset prices --- Inflation targeting --- Price stabilization --- Prices --- Banks and banking --- Government policy --- United Kingdom

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