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Monetary Policy in an Emerging European Economic and Monetary Union
Mr.Jacob A. FrenkelMr.Morris Goldstein
其他書名
Key Issues
出版International Monetary Fund, 1990-08-01
主題Business & Economics / Foreign ExchangeBusiness & Economics / Public Finance
ISBN14519585289781451958522
URLhttp://books.google.com.hk/books?id=BI0YEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper discusses key issues relating to the design and implementation of monetary policy in an emerging European economic and monetary union. Specific institutional proposals for transition to EMU are neither endorsed nor dismissed. In examining the goals of monetary policy, the paper explores the interrelationships among price stability, current account equilibrium, and exchange rate stability. Turning to the implementation of monetary policy, the issues addressed are: coordination versus autonomy, rules versus discretion, and the role of sterilized official intervention. Finally, the last part of the paper emphasizes the importance of fiscal discipline, and evaluates several alternative mechanisms for encouraging it.