European Central Bank monetary policy

To: "Thomas I. Palley" <tpalley@xxxxxxxxxx>
Subject: European Central Bank monetary policy
From: "Thomas I. Palley" <tpalley@xxxxxxxxxx>
Date: Sun, 25 May 2003 10:49:20 -0400
Thread-index: AcMizNFI1FpJq8ENTPGxvq9uyWDUlg==
Thread-topic: European Central Bank monetary policy

Dear Colleague,

The conduct of interest rate policy by the European Central Bank (ECB) has become a critical issue for both Europe and the global economy.

It is my belief that the ECB has operated with a dangerously low inflation target that takes no account of the fact Euroland is not an optimal currency area.

Attached are two papers (one technical, the other a non-technical briefing paper) that explain how the creation of the euro has shifted Europe’s Phillips curve to the right, calling for a higher inflation target.

I hope you find these papers of interest and useful.

Tom Palley

Thomas I. Palley

Director Globalization Reform Project

Open Society Institute

1120 19th Street NW

Washington DC 20036

tel: 202-721-5606

tpalley@xxxxxxxxxx

Attachment: Phillips curve & currency unions.doc
Description: Phillips curve & currency unions.doc

Attachment: Optimum Currency Non-technical.doc
Description: Optimum Currency Non-technical.doc

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Thread context:
- In Defense of Capital Controls, Gary Santos Mon 26 May 2003, 18:06 GMT
  - <Possible follow-up(s)>
  - Re: In Defense of Capital Controls, pdavidso Tue 27 May 2003, 14:31 GMT
    - Re: In Defense of Capital Controls, Gary Santos Tue 27 May 2003, 14:43 GMT
  - Re: In Defense of Capital Controls, Gary Santos Tue 27 May 2003, 14:35 GMT
- European Central Bank monetary policy, Thomas I. Palley Sun 25 May 2003, 15:04 GMT
- Re: [TNF] Fw: Don't look too good for JPM... from gold eagle..., Henry C.K. Liu Sat 24 May 2003, 14:34 GMT
  - Message not available
    - Re: [A-List] Re: [TNF] Fw: Don't look too good for JPM... from gold, Henry C.K. Liu Sun 25 May 2003, 15:03 GMT
  - Re: [TNF] Fw: Don't look too good for JPM... from gold eagle..., Warren Mosler Sun 25 May 2003, 15:04 GMT
- Ideology and Economics, Gunnar Tomasson Sat 24 May 2003, 14:33 GMT

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