TY  - UNPD
A1  - Issing, Otmar
T1  - Lessons for monetary policy: what should the consensus be?
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,13
N2  - This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset prices, as is the case in this monetary policy approach, can lead to financial instability. In contrast, giving, inter alia, monetary factors a role in central banks’ policy decisions, as is done in the ECB’s encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering financial stability. Finally, this paper makes a case against increasing the central banks’ inflation target. JEL Classification: E44, E52, E58 Keywords: Inflation Targeting, Asset Prices, Financial Stability, ECB
T3  - CFS working paper series - 2011, 13 
KW  - Inflation Targeting
KW  - Asset Prices
KW  - Financial Stability
KW  - ECB
Y1  - 2011
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/21843
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-90426
IS  - Version April 2011
ER  -