Arbeitspapier
How does the ECB target inflation?
The announced primary objective of the European Central Bank is price stability. While no restrictive reference is given to how the goal should be reached, such a mandate can be thought as a concern to stabilize some relevant macroeconomic aggregates. Accordingly, we frame ECB monetary policy in a general set up that allows policy makers to weight differently positive and negative deviations of inflation and output gaps. The empirical analysis on aggregated Euro area data indicates that ECB monetary policy can be characterized by a nonlinear policy rule. While the objective of price stability is symmetric, the one on real activity is not in that output contractions require larger policy responses. Moreover, the actual Euro interest rate highly commoves with the counterfactual rate that the Bundesbank would have followed if charged to set policy rates for the Euro area.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 229
- Klassifikation
-
Wirtschaft
Monetary Policy
Central Banks and Their Policies
- Thema
-
(asymmetric) central bank policy preferences
Bundesbank counterfactual interest rate target
ECB monetary policy rule
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Surico, Paolo
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2003
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Surico, Paolo
- European Central Bank (ECB)
Entstanden
- 2003
Ähnliche Objekte (12)
Forceful or persistent: how the ECB's new inflation target affects households' inflation expectations
One for all : The ECB's inflation target
One for all: The ECB's inflation target
IW Monetary Outlook: ECB Might Overshoot the Inflation Target
How are inflation targets set?
Forceful or persistent: Wow the ECB's new inflation target affects households' inflation expectations
Inflation: Thruway of ECB's monetary policy
Above, but close to two percent. Evidence on the ECB's inflation target using text mining
Inflation Expectations of Experts and ECB Communication
Inflation Expectations of Experts and ECB Communication
Above, but close to two percent. Evidence on the ECB’s inflation target using text mining
How informative are aggregated inflation expectations? Evidence from the ECB Survey of Professional Forecasters
Forceful or persistent: how the ECB's new inflation target affects households' inflation expectations
One for all : The ECB's inflation target
One for all: The ECB's inflation target
IW Monetary Outlook: ECB Might Overshoot the Inflation Target
How are inflation targets set?
Forceful or persistent: Wow the ECB's new inflation target affects households' inflation expectations
Inflation: Thruway of ECB's monetary policy
Above, but close to two percent. Evidence on the ECB's inflation target using text mining
Inflation Expectations of Experts and ECB Communication
Inflation Expectations of Experts and ECB Communication
Above, but close to two percent. Evidence on the ECB’s inflation target using text mining
How informative are aggregated inflation expectations? Evidence from the ECB Survey of Professional Forecasters
Forceful or persistent: how the ECB's new inflation target affects households' inflation expectations
One for all : The ECB's inflation target
One for all: The ECB's inflation target
IW Monetary Outlook: ECB Might Overshoot the Inflation Target
How are inflation targets set?
Forceful or persistent: Wow the ECB's new inflation target affects households' inflation expectations
Inflation: Thruway of ECB's monetary policy
Above, but close to two percent. Evidence on the ECB's inflation target using text mining
Inflation Expectations of Experts and ECB Communication
Inflation Expectations of Experts and ECB Communication
Above, but close to two percent. Evidence on the ECB’s inflation target using text mining