Fundamentals of monetary policy in the euro area
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Dieter Gerdesmeier
Fundamentals of Monetary Policy in the
Euro Area
Concepts – Markets – Institutions
2
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Fundamentals of Monetary Policy in the Euro Area: Concepts – Markets – Institutions
3rd edition
© 2015 Dieter Gerdesmeier & bookboon.com
ISBN 978-87-403-1004-7
3
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Fundamentals of Monetary Policy
in the Euro Area
Contents
Contents
1
Introduction and motivation
12
2
Basic concepts
13
2.1
Learning objectives
13
2.2
Some economic concepts
13
2.3
Some statistical concepts
14
3
A short history of EMU
17
3.1
Learning objectives
17
3.2
he roadmap to EMU
17
3.3
Convergence criteria
19
3.4
he concept of an optimal currency area
21
3.5
Advantages and disadvantages of a monetary union
22
3.6
Some controversies about the road
23
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Fundamentals of Monetary Policy
in the Euro Area
Contents
4
Institutions
24
4.1
Learning objectives
24
4.2
he European Union
24
4.3
he European Central Bank
25
4.4
Presidents of the European Central Bank
27
4.5
he Rise of the Euro
28
4.6
A closer look at the U.S. Federal Reserve System
29
4.7
A closer look at the Bank of Japan
30
4.8
A closer look at the Bank of England
31
4.9
Decision-making modalities
31
4.10
Independence and accountability
34
5
Inlation
39
5.1
Learning objectives
39
5.2
Basic concepts
39
5.3
Efects of inlation
40
5.4
Measuring inlation
41
5.5
Core and non-core inlation
42
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