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Monetary dialogue 2009–2014: Looking backward, looking forward

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  • Ansgar Belke

Abstract

In response to the fi nancial crisis, the ECB has had to adopt new instruments to support the euro area economy and preserve the integrity of the single currency. This has challenged the current framework of the Monetary Dialogue exercise. This paper briefl y assesses the implications of enhanced transparency and “forward guidance” for the effectiveness of the ECB’s policies. It then checks whether the Monetary Dialogue works, and if and how the current Monetary Dialogue framework needs to change in order to fulfi l its goal. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2014

Suggested Citation

  • Ansgar Belke, 2014. "Monetary dialogue 2009–2014: Looking backward, looking forward," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 49(4), pages 204-211, July.
    • Handle: RePEc:spr:intere:v:49:y:2014:i:4:p:204-211
    DOI: 10.1007/s10272-014-0501-3
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    References listed on IDEAS

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    1. Jacopo Cimadomo, 2016. "Real-Time Data And Fiscal Policy Analysis: A Survey Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 30(2), pages 302-326, April.
    2. Ansgar Belke, 2013. "Towards a Genuine Economic and Monetary Union—Comments on a Roadmap," Politics and Governance, Cogitatio Press, vol. 1(1), pages 48-65.
    3. Belke, Ansgar & Potrafke, Niklas, 2012. "Does government ideology matter in monetary policy? A panel data analysis for OECD countries," Journal of International Money and Finance, Elsevier, vol. 31(5), pages 1126-1139.
    4. Ansgar Belke & Barbara Styczynska, 2006. "The Allocation of Power in the Enlarged ECB Governing Council: An Assessment of the ECB Rotation Model," Journal of Common Market Studies, Wiley Blackwell, vol. 44(5), pages 865-897, December.
    5. Gros, Daniel & Alcidi, Cinzia & Belke, Ansgar & Coutinho, Leonor & Giovannini, Alessandro, 2014. "State-of-play in implementing macroeconomic adjustment programmes in the euro area," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100407, Verein für Socialpolitik / German Economic Association.
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    8. Ansgar Belke & Yuhua Cui, 2010. "US–Euro Area Monetary Policy Interdependence: New Evidence from Taylor Rule‐based VECMs," The World Economy, Wiley Blackwell, vol. 33(5), pages 778-797, May.
    9. Eijffinger, S.C.W. & Mahieu, R.J. & Raes, L.B.D., 2013. "Estimating the Preferences of Central Bankers : An Analysis of Four Voting Records," Discussion Paper 2013-047, Tilburg University, Center for Economic Research.
    10. Kempkes, Gerhard, 2012. "Cyclical adjustment in fiscal rules: Some evidence on real-time bias for EU-15 countries," Discussion Papers 15/2012, Deutsche Bundesbank.
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    12. Sylvester Eijffinger & Edin Mujagic, 2004. "An assessment of the effectiveness of the monetary dialogue on the ECB’s accountability and transparency: A qualitative approach," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 39(4), pages 190-203, July.
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    15. Ansgar Belke & Daniel Gros, 2005. "Asymmetries in the Trans-Atlantic Monetary Policy Relationship: Does the ECB follow the Fed?," CESifo Working Paper Series 1428, CESifo.
    16. Ley, Eduardo & Misch, Florian, 2013. "Real-time macro monitoring and fiscal policy," Policy Research Working Paper Series 6303, The World Bank.
    17. Ansgar Belke & Barbara Schnurbein, 2012. "European monetary policy and the ECB rotation model," Public Choice, Springer, vol. 151(1), pages 289-323, April.
    18. Horst Feldmann, 2013. "Real Interest Rate and Labor Market Performance around the World," Southern Economic Journal, John Wiley & Sons, vol. 79(3), pages 659-679, January.
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    Cited by:

    1. Belke, Ansgar, 2017. "Central bank communication: Managing expectations through the monetary dialogue," Ruhr Economic Papers 692, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    2. Roman Horvath & Dominika Katuscakova, 2016. "Transparency and trust: the case of the European Central Bank," Applied Economics, Taylor & Francis Journals, vol. 48(57), pages 5625-5638, December.

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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