The focus of the paper is to analyze how the concept behind central bank policy developed over time and how the recent financial crisis and its consequences will have an influence. While the principles of the institutional arrangement for central banks (independence, clear mandate, prohibition...

This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...

This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...

This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...

Am 1. Januar 1999 wurde der Euro als Buchgeld eingeführt. Schon ein halbes Jahr zuvor war die Europäische Zentralbank gegründet worden. Die Europäische Währungsunion hat mittlerweile einige Krisen überstanden. Probleme gab es vor allem, weil die gesetzten Rahmenbedingungen ihre Wirkung...

Since 1 January 1999 the European Central Bank (ECB) has had sole responsibility for monetary policy in the euro area. Its main aim is to maintain price stability over the medium term. It is completely independent. The ECB has been successful in maintaining price stability and well-anchored...