Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/54301
Authors: 
Bibow, Jörg
Year of Publication: 
2001
Series/Report no.: 
Public policy brief // Jerome Levy Economics Institute of Bard College 65
Abstract: 
This brief assesses the experiences of Europe's policy regime in the two years since the introduction of the euro in 1999, particularly the performance of the European Central Bank (ECB), the institution in charge of conducting monetary policy for the euro area. Conventional accounts of European growth, price, and labor market performance over recent years focus on labor market institutions and wage trends. By contrast, the interpretation offered here assigns a key role to demand-side factors as the driving force behind the recovery in output and employment growth. It is argued that the euro's plunge essentially resumed the trend of deutsche mark weakness that had started in 1996 and that currency depreciation amounted to a significant easing of monetary conditions.
ISBN: 
1931493006
Document Type: 
Research Report

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