Arbeitspapier
The German Federal Constitutional Court ruling and the European Central Bank's strategy
The ruling of the German Federal Constitutional Court and its call for conducting and communicating proportionality assessments regarding monetary policy have been the subject of some controversy. However, it can also be understood as a way to strengthen the de-facto independence of the European Central Bank. The authors shows how a regular proportionality check could be integrated in the ECB's strategy that is currently undergoing a systematic review. In particular, they propose to include quantitative benchmarks for policy rates and the central bank balance sheet. Deviations from such benchmarks can have benefits in terms of the intended path for inflation while involving costs in terms of risks and side effects that need to be balanced. Practical applications to the euro area are provided
- Language
-
Englisch
- Bibliographic citation
-
Series: IMFS Working Paper Series ; No. 145
- Classification
-
Wirtschaft
Monetary Policy
Central Banks and Their Policies
Basic Areas of Law: General (Constitutional Law)
- Subject
-
central bank independence
monetary law
monetary institutions
monetary policy strategy
proportionality
policy rules
quantitative easing
- Event
-
Geistige Schöpfung
- (who)
-
Feld, Lars P.
Wieland, Volker
- Event
-
Veröffentlichung
- (who)
-
Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
- (where)
-
Frankfurt a. M.
- (when)
-
2020
- Handle
- URN
-
urn:nbn:de:hebis:30:3-554824
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Feld, Lars P.
- Wieland, Volker
- Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
Time of origin
- 2020
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