出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：The article contributes to the ongoing debate on the definition and the ranking of price stability in context with targets of economic policy in market economies and reflects the role of monetary policy in a medium-term and a long-term oriented view.Refering to Milton Friedman's basic truths about inflationary processes five main elements of a stability oriented monetary policy are derived and compared with the strategy of the European Central Bank(ECB)– especially with its liquidity management and the liquidity oriented refinancing tools of European monetary policy. It is shown that in May 2003 confirmed and clarified strategy of the ECB is still a policy of monetary control,but that the role of money is not as prominent as before.In the so called two pillar approach the economic analysis is now the pillar mentioned firstly and the monetary analysis is the pillar mentioned as second one.In this context the discussion on monetary targeting versus infla?tion targeting is judged as somewhat exaggerated.As possible future concept components of a developed targeting are considered,with its roots on the insight that inflation is a monetary phe?nomenon and that a monetary policy coping with empirical complexity should not be based me?chanically on inflation forecasts.
关键词：European Central Bank(ECB);Liquidity Management;Monetary Policy;Money Stock;Price Stability;Targeting(inflation/monetary);Taylor-rule;Tender Operations.
