Policymakers' Revealed Preferences and the Output-Inflation Variability Trade-off: Implications for the European System of Central Banks

This paper explores two aspects of the conduct of monetary policy under a monetary union. First, even if the preferences of policymakers over inflation and output variability are identical across member countries, differences in economic structure will mean different desired policy responses to even...

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Veröffentlicht in:	The Manchester school 2002-01, Vol.70 (4), p.596-618
Hauptverfasser:	Cecchetti, Stephen G., McConnell, Margaret M., Perez-Quiros, Gabriel
Format:	Artikel
Sprache:	eng
Schlagworte:	Anti-inflation policy Central banks Correlation analysis Economic and Monetary Union Economic models Economic structure Europe European Monetary Union Inflation Monetary policy Monetary unions Output Output rate Policy making Trade-off
Online-Zugang:	Volltext
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