The European Central Bank's First Pillar Reassessed*

Manfred J. M. Neumann

29 citations0/0 files stored

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Economic theories and models European Monetary and Fiscal Policies

Abstract

This paper studies the importance of money for inflation that is underlined by the first pillar of the European Central Bank’s policy concept. I focus on the quantity-theoretic link from core money growth to core inflation and embed it in a Phillips curve. The core components are approximated by the Hodrick-Prescott filter. It is shown that the data from the euro area fit the model well since the mid 1980s. A major result is that the money-to-inflation link has not been weakened by the start of EMU. I also discuss the merits of replacing the reference value by a range.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 29 citations exist upstream.

References

1997Postwar U.S. Business Cycles: An Empirical Investigation 20124 Two Illustrations of the Quantity Theory of Money 1993Measuring Core Inflation 2003Money and inflation in the euro area: A case for monetary indicators?2002A Simple Adaptive Measure of Core Inflation 2001No money, no inflation the role of money in the economy 1984On low-frequency estimates of long-run relationships in macroeconomics 2001Euro Area Money Demand Measuring the Opportunity Costs Appropriately

Cited by

2007Does a "two-pillar Phillips curve" justify a two-pillar monetary policy strategy?

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.