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dc.contributor.authorDe Grauwe, Paulen_US
dc.contributor.authorGros, Danielen_US
dc.date.accessioned2009-10-26en_US
dc.date.accessioned2010-05-14T08:21:57Z-
dc.date.available2010-05-14T08:21:57Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/30544-
dc.description.abstractThe ECB has been arguing in the past that since there is no trade-off between price stability and financial stability, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there is a potential trade-off between price stability and financial stability. In order to make this trade-off less constraining we propose that the two-pillar strategy of the ECB should be reformed. In this new two-pillar strategy, the ECB should pursue two objectives, i.e. price stability and financial stability. In this new strategy the interest rate should be used to achieve the inflation objective, while other instruments (minimum reserve requirements and macro prudential control) should be used to achieve financial stability.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2818en_US
dc.subject.jelE52en_US
dc.subject.jelE53en_US
dc.subject.ddc330en_US
dc.subject.keywordinflation targetingen_US
dc.subject.keywordfinancial stabilityen_US
dc.subject.keywordtwo pillar strategyen_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwGeldpolitisches Zielen_US
dc.subject.stwInflation Targetingen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwEU-Staatenen_US
dc.titleA new two-pillar strategy for the ECBen_US
dc.typeWorking Paperen_US
dc.identifier.ppn611371251en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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