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What central banks have learned: lessons from pre-EMU Europe

Author

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  • Aerdt C.F.J. Houben

    (De Nederlandsche Bank, Monetary and Economic Policy Department, Amsterdam (The Netherlands))

Abstract

This paper examines the intentions and outturns of central bank policies in Europefrom the collapse of the Bretton Woods system of fixed exchange rates until the start ofEMU in 1999. It focuses on the lessons that can be drawn from the three dominant policy strategies of money targeting, exchange rate targeting and inflation targeting. Several of the lessons that are relevant to the euro area are shown to have been incorporated into the monetary policy strategy of the European Central Bank.

Suggested Citation

  • Aerdt C.F.J. Houben, 2001. "What central banks have learned: lessons from pre-EMU Europe," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 54(218), pages 289-311.
    • Handle: RePEc:psl:bnlqrr:2001:33
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    References listed on IDEAS

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    7. Bennett T. McCallum, 1997. "Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom, and in General," Palgrave Macmillan Books, in: Iwao Kuroda (ed.), Towards More Effective Monetary Policy, chapter 8, pages 211-252, Palgrave Macmillan.
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    Keywords

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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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