The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look
back on the ECB's record and learn lessons that can improve the conduct of policy in the …

The thirteenth edition of this market-leading textbook provides an authoritative and concise
analysis of the theories and policies relating to monetary union in which the author helps …

On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a
comprehensive view of the ECB's monetary policy over these two decades. The first section …

This paper reviews the functioning of the Economic and Monetary Union over the first 4
years of its existence. Monetary policy is viewed as having been of the 'inflation …

The goal of this paper is to evaluate the attribution of policy prerogatives to European Union
level institutions and compare them to the implications of normative policy models and to the …

This paper investigates the implications of a nonlinear Phillips curve for the derivation of
optimal monetary policy rules. Combined with a quadratic loss function, the optimal policy is …

This paper studies the inflation and interest rate performances since the late 1970s for six
former highinflation countries that adopted inflation targeting (IT) in the early 1990's. Using …

Inflation divergence Inflation rates have diverged much more widely than expected among
the member states of the EMU. We show that much of this is attributable to the differential …

Can the Federal Reserve or the European Central Bank (ECB) be held responsible for price
stability, regardless of how fiscal policy is conducted? Is legal independence sufficient to …

This paper outlines some issues regarding the interaction of independent fiscal authorities
and one central bank in the European monetary union. It points out the possibilities for …