Monetary Policy Instruments for European Monetary Union

✍ Scribed by Prof. Dr. Lukas Menkhoff (auth.)

Publisher: Springer-Verlag Berlin Heidelberg
Year: 1997
Tongue: English
Leaves: 159
Edition: 1
Category: Library

No coin nor oath required. For personal study only.

✦ Synopsis

The future European Central Bank needs monetary policy instruments which have yet to be agreed. At present, the range of instruments is very heterogeneous in the potential member states. This book offers a systematic analysis of the issue, considering general theoretical arguments as well as the concrete institutional situation in European countries. Taking the Bundesbank's instruments as the starting point, their rationale is discussed against the background of experience elsewhere. The theoretical and empirical treatment leads to several competing concepts. Taking the three goals of monetary efficiency, fair competition and decentralization establishes a strong case for the use of "standing facilities" and to a lesser extend "reserve requirements", albeit modified and brought up-to-date.

✦ Table of Contents

Front Matter....Pages I-VIII
Introduction....Pages 1-6
The monetary policy instruments of the European Central Bank....Pages 7-39
Measuring the instruments against the goals....Pages 41-120
Discussion of alternative concepts....Pages 121-133
Result of the study....Pages 135-137
Back Matter....Pages 139-155

✦ Subjects

Economics general; Finance/Investment/Banking

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