Bericht
Evolution of the ECB's analytical framework
This paper discusses the role of economic and monetary analysis in the monetary policy strategy of the European Central Bank (ECB). Both areas of analysis have evolved since the 2003 strategy review. Economic analysis has assigned an increasingly relevant role to the Eurosystem and ECB staff macroeconomic projections in forming a view on the medium-term outlook for economic activity and inflation. Furthermore, its focus has strengthened with regard to structural trends in shaping key economic relationships. Similarly, monetary analysis has shifted in focus: while the 2003 review emphasised the information value of monetary dynamics for detecting risks to price stability over medium-term to longer-term horizons, the focus of monetary analysis has increasingly been redirected to the assessment of monetary policy transmission. This evolution has opened a gap between the formal description of the strategy following the 2003 review and the practice of economic and monetary analysis in informing the ECB's policy deliberations. This paper concludes by presenting options for closing this gap and aligning the strategy formulation with the evolved role of economic and monetary analysis.
- ISBN
-
978-92-899-4831-9
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Occasional Paper ; No. 277
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
Financial Markets and the Macroeconomy
Money and Interest Rates: Forecasting and Simulation: Models and Applications
Money Supply; Credit; Money Multipliers
Monetary Policy
Central Banks and Their Policies
- Thema
-
Economic analysis
monetary analysis
ECB two-pillar framework
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Holm-Hadulla, Fédéric
Musso, Alberto
Rodriguez Palenzuela, Diego
Vlassopoulos, Thomas
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2021
- DOI
-
doi:10.2866/125830
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Bericht
Beteiligte
- Holm-Hadulla, Fédéric
- Musso, Alberto
- Rodriguez Palenzuela, Diego
- Vlassopoulos, Thomas
- European Central Bank (ECB)
Entstanden
- 2021
Ähnliche Objekte (12)
Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies
Flow-of-funds analysis at the ECB – framework and applications
The ECB's price stability framework: Past experience, and current and future challenges
Challenges to ECB credibility
The mandate of the ECB: Legal considerations in the ECB's monetary policy strategy review
Main drivers of the ECB financial accounts and ECB financial strength over the first 11 years
ECB strategy: Best practice and new frontiers
IW Monetary Outlook: ECB at the Crossroads
Can the ECB do more for growth?
One for all: The ECB's inflation target
Can a less boring ECB remain accountable?
The ECB's monetary policy: Stability without "safe" assets?
Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies
Flow-of-funds analysis at the ECB – framework and applications
The ECB's price stability framework: Past experience, and current and future challenges
Challenges to ECB credibility
The mandate of the ECB: Legal considerations in the ECB's monetary policy strategy review
Main drivers of the ECB financial accounts and ECB financial strength over the first 11 years
ECB strategy: Best practice and new frontiers
IW Monetary Outlook: ECB at the Crossroads
Can the ECB do more for growth?
One for all: The ECB's inflation target
Can a less boring ECB remain accountable?
The ECB's monetary policy: Stability without "safe" assets?
Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies
Flow-of-funds analysis at the ECB – framework and applications
The ECB's price stability framework: Past experience, and current and future challenges
Challenges to ECB credibility
The mandate of the ECB: Legal considerations in the ECB's monetary policy strategy review
Main drivers of the ECB financial accounts and ECB financial strength over the first 11 years
ECB strategy: Best practice and new frontiers
IW Monetary Outlook: ECB at the Crossroads
Can the ECB do more for growth?
One for all: The ECB's inflation target
Can a less boring ECB remain accountable?