The European Central Bank's First Pillar Reassessed*
作者： Manfred J. M. Neumann
DOI:
关键词: European central bank 、 Core (game theory) 、 Economics 、 Core component 、 International economics 、 Phillips curve 、 Core inflation 、 Keynesian economics 、 Pillar 、 Value (economics) 、 Inflation
摘要: This paper studies the importance of money for inflation that is underlined by first pillar European Central Bank’s policy concept. I focus on quantity-theoretic link from core growth to and embed it in a Phillips curve. The components are approximated Hodrick-Prescott filter. It shown data euro area fit model well since mid 1980s. A major result money-to-inflation has not been weakened start EMU. also discuss merits replacing reference value range.
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