The Monetary Transmission Process Recent Developments and Lessons for Europe [Hardcover]

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.Notes on the Contributors Introduction Analysis of the Monetary Transmission Mechanism: Methodological Issues; B.T.McCallum Comment; L.J.Christiano & H.Uhlig Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability; L.E.O.Svensson Comment; M.King & J.Vinals The Transmission Process; A.H.Meltzer Asymmetric Interest Rate Policy in Europe: Causes and Consequences; A.A.Weber Comment; C.A.Favero & P.Moutot Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism; S.G.Cecchetti Comment; M.J.M.Neumann & I.Angeloni Differences Between Financial Systems in European Countries: Consequences for EMU; R.H.Schmidt Comment; C.A.E.Goodhart & A.Vienney European Labour Markets and the Euro: How Much Flexibility Do We Really Need?; M.C.Burda Comment; H.J.Brouwer & L.C.Cunha The Monetary Transmission Process: Concluding Remarks; O.Issing, F.Giavazzi, C.Berg, I.Visco & M.M.J.Neumann IndexIGNAZIO ANGELONI European Central BankCLAES BERG Sveriges RiksbankHENDRIK J. BROUWER De Nederlandsche Bank N.V.MICHAEL C. BURDA Humboldt University, BerlinLUIS CAMPOS e CUNHA Banco de PortugalSTEPHEN C. CECCHETTI Federal Reserve Bank of New YorkLAWRENCE J. CHRISTIANO Northwestern UniversityCARLO A. FAVERO Bocconi UniversityFRANCESCO GIAVAZZI Bocconi UniversityCHARLES A. E. GOODHART London School of Economics and Political ScienceOTMAR ISSING European Central BankMERVIN KING Bank of EnglandBENNETl³"