European Parliament Library

Lessons for Monetary Policy :, What Should the Consensus Be?, Otmar Issing

Abstract
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
Table Of 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
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (37 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781283558907

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