{"id":85651,"date":"2024-01-22T09:04:57","date_gmt":"2024-01-22T08:04:57","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/85651\/"},"modified":"2024-11-06T23:55:31","modified_gmt":"2024-11-06T22:55:31","slug":"effizienz-und-transparenz-der-geldpolitischen-strategie-des-eszb-2","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/85651\/","title":{"rendered":"Efficiency and Transparency of the Monetary Policy Strategy of the ESCB"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-85651","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The Treaty of Maastricht specified the goals for monetary policy: According to Art. 105(1), the primary objective of the European System of Central Banks (ESCB) is to maintain price stability. However, the Treaty also stipulates that, without prejudice to the objective of price stability, the ESCB is to support, above all, a high level of employment. This can be interpreted to mean that policy makers assigned the ESCB the tasks to maintain price stability and to stabilise output across business cycles. In October 1998, the ESCB announced its monetary policy strategy, i.e., a framework for policy decisions that is deemed appropriate to achieve these goals. Within this strategy, money is given a prominent role: the ESCB published a reference value for the broad monetary aggregate M3 that is designed to be consistent with, and serve the achievement of price stability. Furthermore, a broadly based assessment of the outlook for future price developments and the risks to price stability in the euro area will play a major role in the ESCB's strategy This strategy is neither a money supply targeting, nor an inflation targeting strategy. Contrary to the strategy of the Deutsche Bundesbank, the ESCB clearly states that it will not respond automatically to deviations of current money growth from the announced reference value. Unlike in the case of inflation targeting, it will publish neither its inflation forecast nor an explicit inflation target. The present article discusses whether the monetary strategy of the ESCB is optimal, i.e., whether it is efficient and transparent. It is argued that the strategy has the potential of efficiency, of fulfilling the goals of monetary policy in an optimal way, if the ESCB follows flexible inflation targeting in practice. Money supply targeting is considered inappropriate, since there is insecurity about whether important preconditions for the appropriateness of money supply targeting, such as stability and controllability of money demand, are fulfilled in the Monetary Union. An increasingly important prerequisite for the optimality of a strategy is transparency. Increased transparency makes the central bank's reputation more sensitive to its actions and induces the central bank to gear its policy to come closer to that with the greatest social benefit. Transparency is crucial for accountability. The strategy of the ESCB lacks full transparency. Publishing conditional inflation forecasts would give the public the option to monitor and evaluate the central bank's policy and to assess its coincidence with the monetary policy goals assigned to the ESCB.","onlinedate":"1999-01-20 12:00:00","lang":"German","publication_series":"","publication_date":"19990101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":276740,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"72","monthly_report_pages":"61-73","monthly_report_pages_sort":"61","issue":"1","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"1999-01-20 12:00:00","types":[44312],"research_groups":[3500],"collaboration":"","persons":[4063,12917],"persons_data":"[{\"personId\":4063,\"personName\":\"Peter Brandner\",\"organisationNames\":[]},{\"personId\":12917,\"personName\":\"Helene Schuberth\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Brandner, P.<\\\/span>, &amp; Schuberth, H. (1999). <span>Effizienz und Transparenz der geldpolitischen Strategie des ESZB<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>72<\\\/em>(1), 61-73. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/627\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/627<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Brandner P<\\\/span>, Schuberth H. <span class=\\\"title\\\"><span>Effizienz und Transparenz der geldpolitischen Strategie des ESZB<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 1999 Jan;72(1):61-73.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{7b6be094e6d1428786dc4dc4ae4c8180,<\\\/div><div>  title    = \\\"Effizienz und Transparenz der geldpolitischen Strategie des ESZB\\\",<\\\/div><div>  abstract = \\\"Die ESZB-Statuten verpflichten das ESZB zur Sicherung der Preisstabilit{\\\\\\\"a}t, schlie{\\\\ss}en jedoch eine konjunkturstabilisierende Funktion der Geldpolitik nicht aus. Der EZB-Rat entschied sich im Oktober 1998 f{\\\\\\\"u}r eine flexible geldpolitische Strategie und legte sich somit weder auf eine Inflationsziel- noch auf eine Geldmengenzielstrategie fest. Die Strategie des ESZB kann effizient sein, d. h. die Ziele der Geldpolitik optimal erf{\\\\\\\"u}llen, wenn das ESZB in der Praxis Elemente einer Inflationszielstrategie st{\\\\\\\"a}rker in den Vordergrund r{\\\\\\\"u}ckt. Wichtige Voraussetzung der Rechenschaftspflicht ({\\\"}accountability{\\\"}) und des raschen Aufbaus von Reputation und Glaubw{\\\\\\\"u}rdigkeit ist Transparenz; sie erfordert eine geldpolitische Strategie, die es erlaubt, die Einhaltung der Ziele der Geldpolitik zu {\\\\\\\"u}berwachen. Durch die Publikation einer Inflationsprognose kann die Transparenz erh{\\\\\\\"o}ht werden. Eine Inflationszielstrategie hat den Vorteil, sowohl effizient als auch transparent zu sein.\\\",<\\\/div><div>  author   = \\\"Peter Brandner and Helene Schuberth\\\",<\\\/div><div>  note     = \\\"EWU Geldpolitik\\\",<\\\/div><div>  year     = \\\"1999\\\",<\\\/div><div>  month    = jan,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"72\\\",<\\\/div><div>  pages    = \\\"61--73\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Effizienz und Transparenz der geldpolitischen Strategie des ESZB<\\\/p><p>AU  - Brandner, Peter<\\\/p><p>AU  - Schuberth, Helene<\\\/p><p>N1  - EWU Geldpolitik<\\\/p><p>PY  - 1999\\\/1<\\\/p><p>Y1  - 1999\\\/1<\\\/p><p>N2  - Die ESZB-Statuten verpflichten das ESZB zur Sicherung der Preisstabilit\u00e4t, schlie\u00dfen jedoch eine konjunkturstabilisierende Funktion der Geldpolitik nicht aus. Der EZB-Rat entschied sich im Oktober 1998 f\u00fcr eine flexible geldpolitische Strategie und legte sich somit weder auf eine Inflationsziel- noch auf eine Geldmengenzielstrategie fest. Die Strategie des ESZB kann effizient sein, d. h. die Ziele der Geldpolitik optimal erf\u00fcllen, wenn das ESZB in der Praxis Elemente einer Inflationszielstrategie st\u00e4rker in den Vordergrund r\u00fcckt. Wichtige Voraussetzung der Rechenschaftspflicht (\\\"accountability\\\") und des raschen Aufbaus von Reputation und Glaubw\u00fcrdigkeit ist Transparenz; sie erfordert eine geldpolitische Strategie, die es erlaubt, die Einhaltung der Ziele der Geldpolitik zu \u00fcberwachen. Durch die Publikation einer Inflationsprognose kann die Transparenz erh\u00f6ht werden. Eine Inflationszielstrategie hat den Vorteil, sowohl effizient als auch transparent zu sein.<\\\/p><p>AB  - Die ESZB-Statuten verpflichten das ESZB zur Sicherung der Preisstabilit\u00e4t, schlie\u00dfen jedoch eine konjunkturstabilisierende Funktion der Geldpolitik nicht aus. Der EZB-Rat entschied sich im Oktober 1998 f\u00fcr eine flexible geldpolitische Strategie und legte sich somit weder auf eine Inflationsziel- noch auf eine Geldmengenzielstrategie fest. Die Strategie des ESZB kann effizient sein, d. h. die Ziele der Geldpolitik optimal erf\u00fcllen, wenn das ESZB in der Praxis Elemente einer Inflationszielstrategie st\u00e4rker in den Vordergrund r\u00fcckt. Wichtige Voraussetzung der Rechenschaftspflicht (\\\"accountability\\\") und des raschen Aufbaus von Reputation und Glaubw\u00fcrdigkeit ist Transparenz; sie erfordert eine geldpolitische Strategie, die es erlaubt, die Einhaltung der Ziele der Geldpolitik zu \u00fcberwachen. Durch die Publikation einer Inflationsprognose kann die Transparenz erh\u00f6ht werden. Eine Inflationszielstrategie hat den Vorteil, sowohl effizient als auch transparent zu sein.<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 72<\\\/p><p>SP  - 61<\\\/p><p>EP  - 73<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Efficiency and Transparency of the Monetary Policy Strategy of the ESCB - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/85651\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Efficiency and Transparency of the Monetary Policy Strategy of the ESCB\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/85651\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-06T22:55:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/85651\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/85651\\\/\",\"name\":\"Efficiency and Transparency of the Monetary Policy Strategy of the ESCB - 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