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[number or issue] és un butlletí de (2006-)| Títol : | No. 06 - Dec. 2008 - Should the ECB target employment? | | Tipus de document : | text imprès | | Autors : | Pau Rabanal, Autor | | Data de publicació : | 2008 | | Nombre de pàgines : | 29 p. | | Dimensions : | 29 cm | | Nota general : | També disponible en versió electrònica
Inclou bibliografia | | Idioma : | Anglès (eng) | | Matèries : | Banc Central Europeu
Mercat de treball
| | Classificació : | 411 Bancs nacionals. Bancs centrals | | Resum : | Several european politicians have complained that the ECB does not pay enough attention to job creation in the euro area. In this paper, we examine the behavior of the ECB during its first ten years of existence. We review the ECB's legal mandate, and study, using both informal evidence and regression methods, how the ECB reacts to economic conditions in the euro area. We find that despite its legal mandate, which assigns the ECB a primary objective of keeping inflation below 2 percent, the ECB has missed this target most of the time, and reacts to real activity indicators (the output gap and the unemployment rate) when setting the policy rate. Therefore, it is difficult to conclude that the ECB has been hawkish on inflation in its first ten years of existence. Finally, we study what is the optimal monetary policy rule in a model with labor and product market rigidities, and conclude that given these, the ECB should have a dual mandate of price stability and maximum sustainable employment. | | Enllaç al recurs electrònic : | http://lacaixaresearch.com/documents/10180/53163/ep06_eng.pdf/e62e60b3-2652-4d24 [...] | | Format del recurs electrònic : | Accés lliure | | Permalink : | https://bibliotecatriasfargas.cat/pmb/opac_css/index.php?lvl=bulletin_display&id |
[number or issue] és un butlletí de (2006-)No. 06 - Dec. 2008 - Should the ECB target employment? [text imprès] / Pau Rabanal, Autor . - 2008 . - 29 p. ; 29 cm. També disponible en versió electrònica
Inclou bibliografia Idioma : Anglès ( eng) | Matèries : | Banc Central Europeu
Mercat de treball
| | Classificació : | 411 Bancs nacionals. Bancs centrals | | Resum : | Several european politicians have complained that the ECB does not pay enough attention to job creation in the euro area. In this paper, we examine the behavior of the ECB during its first ten years of existence. We review the ECB's legal mandate, and study, using both informal evidence and regression methods, how the ECB reacts to economic conditions in the euro area. We find that despite its legal mandate, which assigns the ECB a primary objective of keeping inflation below 2 percent, the ECB has missed this target most of the time, and reacts to real activity indicators (the output gap and the unemployment rate) when setting the policy rate. Therefore, it is difficult to conclude that the ECB has been hawkish on inflation in its first ten years of existence. Finally, we study what is the optimal monetary policy rule in a model with labor and product market rigidities, and conclude that given these, the ECB should have a dual mandate of price stability and maximum sustainable employment. | | Enllaç al recurs electrònic : | http://lacaixaresearch.com/documents/10180/53163/ep06_eng.pdf/e62e60b3-2652-4d24 [...] | | Format del recurs electrònic : | Accés lliure | | Permalink : | https://bibliotecatriasfargas.cat/pmb/opac_css/index.php?lvl=bulletin_display&id |
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