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Palgrave Macmillan

The Monetary Transmission Process

Recent Developments and Lessons for Europe

  • Book
  • © 2001

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  1. Deutsche Bundesbank
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About this book

The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as O.Issing, M.King, B.McCallum, A.Meltzer, L.Svensson and H.Tietmeyer. The volume examines methodological questions, the actual role played by the financial sectors and labour markets in implementing monetary policy in Europe, and the likely future developments in these areas.

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Table of contents (9 chapters)

  1. Front Matter

    Pages i-vii
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  2. Introduction

    • Heinz Herrmann
    Pages 1-9

  3. Analysis of the Monetary Transmission Mechanism: Methodological Issues

    • Bennett T. McCallum
    Pages 11-59

  4. Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability

    • Lars E. O. Svensson
    Pages 60-111

  5. The Transmission Process

    • Allan H. Meltzer
    Pages 112-130

  6. Asymmetric Interest Rate Policy in Europe: Causes and Consequences

    • Axel A. Weber
    Pages 131-169

  7. Legal Structure, Financial Structure and the Monetary Policy Transmission Mechanism

    • Stephen G. Cecchetti
    Pages 170-207

  8. Differences Between Financial Systems in European Countries: Consequences for EMU

    • Reinhard H. Schmidt
    Pages 208-251

  9. European Labour Markets and the Euro: How Much Flexibility Do We Really Need?

    • Michael C. Burda
    Pages 252-282

  10. The Monetary Transmission Process: Concluding Remarks

    • Otmar Issing
    Pages 283-314

  11. Back Matter

    Pages 315-323
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About the authors

IGNAZIO ANGELONI European Central Bank CLAES BERG Sveriges Riksbank HENDRIK J. BROUWER De Nederlandsche Bank N.V. MICHAEL C. BURDA Humboldt University, Berlin LUIS CAMPOS e CUNHA Banco de Portugal STEPHEN C. CECCHETTI Federal Reserve Bank of New York LAWRENCE J. CHRISTIANO Northwestern University CARLO A. FAVERO Bocconi University FRANCESCO GIAVAZZI Bocconi University CHARLES A. E. GOODHART London School of Economics and Political Science OTMAR ISSING European Central Bank MERVIN KING Bank of England BENNETT T. MCCALLUM Carnegie Mellon University ALLAN H. MELTZER Carnegie Mellon University PHILIPPE MOUTOT European Central Bank MANFRED J.M. NEUMANN University of Bonn REINHARD H. SCHMIDT Johann Wolfgang Goethe University, Frankfurt LARS E.O. SVENNSON Stockholm University HANS TIETMEYER Deutsche Bundesbank HARALD UHLIG Tilburg University ALAIN VIENNEY Banque de France JOSÉ VINALS Banco de Espana IGNAZIO VISCO Organisation for Economic Cooperation and Development AXEL A. WEBER Johann Wolfgang Goethe University, Frankfurt

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