A thorough look at how the European Central Bank's monetary policy is defined.
Written in 2008; 10,806 words; 28 sources; APA; $ 214.95
Paper Summary:
This paper discusses the monetary policy of the European Central Bank (ECB) and describes how it is optimally transparent and clearly communicated to the public so as to avoid any misunderstandings and avoid any shock effect to the economy due to shifting changes in the interest rates. The paper goes on to explain the primary objective of the ECB monetary policy, its operation framework and its guiding principles. The author has also included several figures to illustrate the points.
Outline:
List of Figures
Abstract
Executive Summary
Introduction
Literature Review
Price Stability
Role of Monetary Policy
ECB Basic Tasks
Current Best Practice: Predictability
Interest Rates
Optimal Monetary Policy Rule
ECB Credibility
Legislative Powers of the ECB
Interest Rate 'Smoothing' Practice of ECB
Communication of Monetary Policy Critically Important
OECD's Recommendations for the ECB (January, 2007)
Bibliography
From the Paper:
"According to the European Central Bank the objective of monetary policy is "to maintain price stability" which is set out in the Treaty establishing the European Community. Stated is: "Without prejudice to the objective of price stability" the Eurosystem will also "support the general economic policies in the Community with a view to contributing to the achievement of the objectives of the Community." (ECB, 2007) This is to include a "high level of employment" as well as "sustainable and non-inflationary growth". (ECB, 2007) The provisions of the Treaty illustrate the consensus that: (1) the benefits of price stability are of a substantial nature; and (2) the natural role of the monetary policy in the economy is to maintain price stability. (ECB, 2007; paraphrased)"
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