The European Central Bank: Reshaping Monetary Politics in Europe / Alberto Alesina, Vittorio Grilli.

Format:

Book

Author/Creator:

Alesina, Alberto.

Contributor:

National Bureau of Economic Research.

Grilli, Vittorio.

Series:

Working Paper Series (National Bureau of Economic Research) no. w3860.

NBER working paper series no. w3860

Language:

English

Subjects (All):

Monetary policy.

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

The European Central Bank

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1991.

Cambridge, Mass. : National Bureau of Economic Research, 1991.

Summary:

This paper studies how the creation of a European Central Bank (ECB) will change the political economy of monetary policy in Europe. The twelve governors of the national Central Banks of the EEC have recently proposed a statute for the ECB which delineates its institutional structure. In this paper, we discuss the likely consequences of this statute on the conduct of monetary policy at the European level, particularly from the point of view of the trade-off between inflation and stabilization. We analyze the role of political independence of the ECB and the effect of voting rules for the appointments of the ECB board members on policy choices.

Notes:

Print version record

October 1991.