Ignazio Angeloni - Böcker

An examination for international policymakers and academics conducting monetary policy arising from a conference organized by the Banca d'Italia. The yield curve - the relation among market interest rates of different maturities - is a key benchmark for evaluating investment strategies in the global financial market. To a growing extent, central banks use it to evaluate, explain to the public and monitor the results of policy decisions.

How and for whose benefit the European Central Bank (ECB) will work is the most important issue facing Europe, and has been the subject of vast media and academic interest which has already spawned a vast literature of discussion papers in the academic literature, and 'Euro Watch' features. Much of this discussion has been of an increasingly hysterical and political nature and has served to blur rather than inform. This book, written by a team at the ECB, including Otmar Issing the ECB's Chief Economist, provides the first comprehensive, inside, non-technical analysis of the monetary policy strategy, institutional features and operational procedures of the Eurosystem. The goals and the transmission mechanism of monetary policy are explored, as are the theoretical and empirical results underpinning the 'stability-oriented monetary policy strategy' adopted by the ECB. The characteristics of this strategy are also discussed in comparison with suggested alternatives.

How and for whose benefit the European Central Bank (ECB) will work is the most important issue facing Europe, and has been the subject of vast media and academic interest which has already spawned a vast literature of discussion papers in the academic literature, and 'Euro Watch' features. Much of this discussion has been of an increasingly hysterical and political nature and has served to blur rather than inform. This book, written by a team at the ECB, including Otmar Issing the ECB's Chief Economist, provides the first comprehensive, inside, non-technical analysis of the monetary policy strategy, institutional features and operational procedures of the Eurosystem. The goals and the transmission mechanism of monetary policy are explored, as are the theoretical and empirical results underpinning the 'stability-oriented monetary policy strategy' adopted by the ECB. The characteristics of this strategy are also discussed in comparison with suggested alternatives.

Proper conduct of monetary policy requires understanding the monetary transmission mechanism, to monitor the economy, make decisions on the stance of policy, and explain the policy actions to the public. Hence, gathering evidence on the monetary transmission mechanism in the euro area has been a priority for the Eurosystem. This 2003 book presents the results of a multi-year collaborative project conducted by the European Central Bank and the other Eurosystem central banks. First, macro data are consistently investigated with both VARs and structural models for the area as a whole and for individual countries. Second, the book contains an unprecedented set of studies on the effects of monetary policy using bank and firm panel data. The results described in country case studies and overview essays by central bank economists, along with a discussion chapter by eminent academics, provide an essential contribution to research on the subject.

From its origins in ancient Mesopotamia, through the advent of coinage in ancient Greece and Rome and the invention of paper currency in medieval China, the progress of finance and money has been driven by technological developments. The great technological change of our age in relation to money centres on the creation of digital money and digital payment systems. Money in Crisis explains what the digital revolution in money is, why it matters and how its potential benefits can be realized or undermined. It explores the history, theory and evolving technologies underlying money and warns us that money is in crisis: under threat from inflation, financial instability, and digital wizardry. It discusses how modern forms of digital money (crypto, central bank digital currencies) fit into monetary history and explains the benefits and risks of recent innovations from an economic, political, social and cultural viewpoint.

From its origins in ancient Mesopotamia, through the advent of coinage in ancient Greece and Rome and the invention of paper currency in medieval China, the progress of finance and money has been driven by technological developments. The great technological change of our age in relation to money centres on the creation of digital money and digital payment systems. Money in Crisis explains what the digital revolution in money is, why it matters and how its potential benefits can be realized or undermined. It explores the history, theory and evolving technologies underlying money and warns us that money is in crisis: under threat from inflation, financial instability, and digital wizardry. It discusses how modern forms of digital money (crypto, central bank digital currencies) fit into monetary history and explains the benefits and risks of recent innovations from an economic, political, social and cultural viewpoint.