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Monetary policy divergences in the euro area: the early record of the European Central Bank

In: The New Monetary Policy

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  • Georgios Chortareas

Abstract

Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of the money supply, which was fashionable in the 1970s and 1980s in the UK, US, Europe and elsewhere, was abandoned in favour of monetary rules that focus on interest rate manipulation by the central bank. The objective of these rules is to achieve specific, or a range of, inflation targets.

Suggested Citation

  • Georgios Chortareas, 2005. "Monetary policy divergences in the euro area: the early record of the European Central Bank," Chapters, in: Phillip Arestis & Michelle Baddeley & John S.L. McCombie (ed.), The New Monetary Policy, chapter 4, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3536_4
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    Economics and Finance;

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