The Concrete Euro: Implementing Monetary Policy in the Euro Area

Paperback | October 30, 2014

EditorPaul Mercier, Francesco Papadia

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The euro area's framework for monetary policy implementation was introduced in 1999. Eleven years on, this volume examines the theoretical and historical underpinnings of the framework, how it has fared in practice, and what challenges it is likely to face in the future. The technology servingthe implementation of monetary policy has historically been the exclusive preserve of a narrow group of specialists but the recent global financial crisis brought the issue into the public eye, as the supply of base money exploded while inflation risked turning into deflation. This book addressesall the aspects of monetary policy implementation, with particular emphasis on the European Central Bank and the euro, allowing a more informed assessment of a neglected, but important, aspect of economic life, and a better understanding of the exceptional developments brought about by the financialcrisis. Written by the leading money market operators at the European Central Bank who were involved in creating and implementing the framework, and who are still managing monetary policy implementation at the Bank today, this book provides a rare insider account of how the framework has evolved, how itworks in practice, and the challenges of monetary policy implementation going forward.

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The euro area's framework for monetary policy implementation was introduced in 1999. Eleven years on, this volume examines the theoretical and historical underpinnings of the framework, how it has fared in practice, and what challenges it is likely to face in the future. The technology servingthe implementation of monetary policy has h...

Paul Mercier is Principal Adviser at the European Central Bank (ECB) and was chairman of the taskforce that delivered the specification of the monetary policy implementation framework adopted by the ECB in 1999. Francesco Papadia is Director General for Market Operations of the European Central Bank. He previously held a position at t...

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Format:PaperbackDimensions:416 pages, 9.21 × 6.14 × 0.68 inPublished:October 30, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198713649

ISBN - 13:9780198713647

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Table of Contents

Introduction1. U. Bindseil: Theory of Monetary Policy Implementation2. M. Galvenius and P. Mercier: The Story of the Eurosystem Framework3. F. Papadia and T. Valimaki: The Functioning of the Eurosystem framework since 19994. U. Bindseil, P. Mercier, F. Papadia and F. Wurtz: Challenges for the Next Decade of Monetary Policy Implementation

Editorial Reviews

"These four papers by six ECB economists provide the most systematic and detailed look at how the European Central Bank has implemented its monetary policy, both during the all-too-short "normal" times of the Bank's initial years and then during the 2008-10 crisis period. The analysis is clearand elegant, and the empirical work provides useful insights as well. Anyone seriously interested in how monetary policy is actually carried out - either by the ECB or by other central banks - will want to read these papers." --Benjamin M. Friedman, William Joseph Maier Professor of Political Economy, Harvard University