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Foundations of European Central Bank Policy : Studies in Contemporary Economics - W. Gebauer

Foundations of European Central Bank Policy

Studies in Contemporary Economics

By: W. Gebauer (Editor)

Paperback ISBN: 9783790806908
Number Of Pages: 259

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This study attempts to uncover the theoretical foundations of the central bank policy of a future European Central Bank. In part 1, the Bundesbank's current monetary policy is described as an example for a pragmatic monetarist approach to central bank policy. This approach is criticized from an "endogenous money" point of view, which is defined, econometrically elaborated and historically exemplified. Part 2 analyzes the way to a European Monetary Union (EMU) in general and its relation to the proposed central bank policy. The role of fiscal policy for a successful EMU is stressed and a suggestion for modelling the transmission mechanism in an "endogenous money" framework is made. Furthermore, the instruments of a European Central Bank and the role of private ECUSs are analyzed. The contributions in Part 3 discuss the widening of the EC and the EMS to northern and eastern Europe, plus the role of the ECU as an international reserve currency for the countries of eastern Europe during their transition to a market economy.

Introductionp. 1
Part I: Endogenous Money
The Money Supply Approach: Empirical Evidence for Germanyp. 11
Endogenous Money and Interest Rates in Germanyp. 35
The Endogeneity of Money: Concepts, Methods and Doctrinal Influence of Monetary Theoryp. 49
Currency Competition and Endogenous Money: Experiences from the Suffolk System, 1819-1858p. 61
Part II: Towards an European Central Bank Policy Design
Economic Convergence and Monetary Unionp. 79
Five Years to Prepare the Final Stage of EMU: A German Viewp. 103
Towards a Common Monetary Policy in the Transition: The Role of Ecu and Required Reservesp. 119
Fiscal Policy Implications of the European Unionp. 135
The (Term) Structure of Interest Rates as a Predictor of Real Economic Growth: An Econometric Analysis for Germanyp. 165
The Evolution of Ecu Marketsp. 191
Part III: Eternal Issues
Economic Transformation and the Integration of Central and Eastern Europe in the European Communityp. 209
Convertibility in Eastern Europep. 225
Exchange Rate Pegging to the Ecu in Northern Europe: A Nordic Viewp. 241
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9783790806908
ISBN-10: 3790806900
Series: Studies in Contemporary Economics
Audience: General
Format: Paperback
Language: English
Number Of Pages: 259
Publisher: Springer-Verlag Berlin and Heidelberg Gmbh & Co. Kg
Country of Publication: DE
Dimensions (cm): 20.32 x 12.7  x 1.42
Weight (kg): 0.27