The Eurosystem and the ECB

Briefing papers for the Committee on Economic and Monetary Affairs (ECON) of the European Parliament for the Dialogue with ECB.

  • “Oil Prices and ECB Monetary Policy,” January 2005, PDF.
    The line: Oil price movements have complex effects on the inflation and output-gap forecasts that should guide ECB monetary policy, and an evaluation of whether the ECB has responded appropriately to past oil-price movements is a somewhat demanding exercise.
  • “Asset Prices and ECB Monetary Policy,” April 2004, PDF.
  • “The Euro Appreciation and ECB Monetary Policy,” February 2004, PDF.
  • “The Risks of Deflation and the Effectiveness of Monetary Policy in the Euro Area,” August 2003, PDF.
  • “In the Right Direction, But Not Enough: The Modification of the Monetary-Policy Strategy of the ECB,” May 2003, PDF.
  • “How Should the Eurosystem Reform Its Monetary Strategy?” February 2003, PDF.
  • “A Good Thing Could Happen at the ECB: An Improvement of the Eurosystem’s Definition of Price Stability,” September 2002, PDF.
  • “A Reform of the Eurosystem’s Monetary-Policy Strategy Is Increasingly Urgent,” May 2002, PDF.
  • “Sweden and the Euro,” January 2002, PDF.
  • “The Fed Does Not Provide the Solution to the Eurosystem’s Problems,” May 2001, PDF.
  • “What is Good and What is Bad with the Eurosystem’s Published Forecasts, and How Can They Be Improved?” February 2001, PDF.
  • “What is Wrong with the Eurosystem’s Money-Growth Indicator, and What Should the Eurosystem Do about It?” November 2000, PDF.
  • “Forward-Looking Monetary Policy, Leading Indicators, and the Riksbank’s Inflation Report vs. the ECB’s Monthly Bulletin,” September 2000, PDF.
  • “Monetary Policy and the Current Economic and Monetary Situation,” June 2000, PDF.

“Interview: Lars Svensson,” interview in Central Banking, Vol. XIV, No. 2, November 2003, 51-59, PDF (118 KB).

“Sverige, valutaunionen och penningpolitiken” (“Sweden, the EMU, and Monetary Policy,” in Swedish), Ekonomisk Debatt 31(4) (2003) 50-52, PDF (68 KB). (The piece is a translation and extension of “Sweden and the Euro,” January 2002.)   

“Liquidity Traps, Policy Rules for Inflation Targeting, and Eurosystem Monetary-Policy Strategy,” research summary,  NBER Reporter, Winter 2002/2003PDF (119 KB). Previous research summary for NBER Reporter, Winter 97/98.

“Possible Improvements of the Eurosystem’s Monetary Policy Regime,” talk at the Nordic Central Bank Meeting, Mariehamn, Åland, June 25, 2002, overhead slides (PDF, 68 KB).

Discussion of Sebastian Edwards and Igal Magendzo, “A Currency of One’s Own? An Empirical Invistigation on Dollarization and Independent Currency Unions,” at the Sveriges Riksbank and IIES Conference on Monetary Policy and Financial Markets in an Enlarged EU, Stockholm, May 17-18, 2002, overhead slides (PDF, 59 KB).

Discussion of Frank Smets and Rafael Wouters, “Monetary Policy in an Estimated SDGE Model of the Euro Area,” at the conference “Macroeconomic Models for Monetary Policy,” Federal Reserve Bank of San Francisco, Mar 1-2, 2002, overhead slides (PDF, 47 KB).

“Two and a Half Years of the Eurosystem,” to be presented at the CFS Research Conference on the ECB and Its Watchers III, Frankfurt, June 18, 2001, overhead slides (PDF, 85KB)

“Comments on Gaspar, Peres-Quiros and Sicilia, ‘The ECB Monetary Strategy and the Money Market’,” Vienna, April 19-20, 2001, PDF (110 KB).

“Money and Inflation in the Euro Area: A Case for Monetary Indicators?” (with Stefan GerlachHong Kong Monetary Authority), Journal of Monetary Economics 50 (2003) 1649-1672, PDF (384 KB). AbstractData (Excel file 22 KB).

“Does the P* Model Provide Any Rationale for Monetary Targeting?” German Economic Review 1 (February 2000) 69-81. (IIES Seminar Paper No. 671, June 1999, CEPR Discussion Paper No. 2198, NBER Working Paper No. 7178), PDF (156 KB). Abstract.

  • “Response to Seitz and Tödter, ‘How the P* Model Rationalises Monetary Targeting – A Comment on Svensson’,” German Economic Review 2 (2001) 309-312, PDF (63 KB). Abstract.
  • Franz Seitz and Karl-Heinz Tödter, “How the P* Model Rationalises Monetary Targeting – A Comment on Svensson,” German Economic Review 2 (2001) 303-308, PDF (110 KB).

“Eurosystem Monetary Targeting: Lessons from U.S. Data,” (with Glenn Rudebusch, Federal Reserve Bank of San Francisco)European Economic Review 46 (2002) 417-442, PDF (324 KB). Abstract.

“The First Year of the Eurosystem: Inflation Targeting or Not?” American Economic Review: Papers and Proceedings 90, May 2000, 95-99, PDF (75 KB). Abstract.

“Monetary Policy Issues for the Eurosystem,” Carnegie-Rochester Conferences Series on Public Policy 51(1) (1999) 79-136.

Bristande transparens i ESCBs penningpolitiska strategi” (“Insufficient Transparency in ESCB’s Monetary Policy Stratetegy,” in Swedish), Europafocus Mars 1999.