The Monetary Transmission Process

IGNAZIO ANGELONI European Central Bank CLAES BERG Sveriges Riksbank HENDRIK J. BROUWER De Nederlandsche Bank N.V. MICHAEL C. BURDA Humboldt University, Berlin LUIS CAMPOS e CUNHA Banco de Portugal STEPHEN C. CECCHETTI Federal Reserve Bank of New York LAWRENCE J. CHRISTIANO Northwestern University CARLO A. FAVERO Bocconi University FRANCESCO GIAVAZZI Bocconi University CHARLES A. E. GOODHART London School of Economics and Political Science OTMAR ISSING European Central Bank MERVIN KING Bank of England BENNETT T. MCCALLUM Carnegie Mellon University ALLAN H. MELTZER Carnegie Mellon University PHILIPPE MOUTOT European Central Bank MANFRED J.M. NEUMANN University of Bonn REINHARD H. SCHMIDT Johann Wolfgang Goethe University, Frankfurt LARS E.O. SVENNSON Stockholm University HANS TIETMEYER Deutsche Bundesbank HARALD UHLIG Tilburg University ALAIN VIENNEY Banque de France JOSÉ VINALS Banco de Espana IGNAZIO VISCO Organisation for Economic Cooperation and Development AXEL A. WEBER Johann Wolfgang Goethe University, Frankfurt

Notes on the Contributors Introduction Analysis of the Monetary Transmission Mechanism: Methodological Issues; B.T.McCallum Comment; L.J.Christiano & H.Uhlig Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability; L.E.O.Svensson Comment; M.King & J.Vinals The Transmission Process; A.H.Meltzer Asymmetric Interest Rate Policy in Europe: Causes and Consequences; A.A.Weber Comment; C.A.Favero & P.Moutot Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism; S.G.Cecchetti Comment; M.J.M.Neumann & I.Angeloni Differences Between Financial Systems in European Countries: Consequences for EMU; R.H.Schmidt Comment; C.A.E.Goodhart & A.Vienney European Labour Markets and the Euro: How Much Flexibility Do We Really Need?; M.C.Burda Comment; H.J.Brouwer & L.C.Cunha The Monetary Transmission Process: Concluding Remarks; O.Issing, F.Giavazzi, C.Berg, I.Visco & M.M.J.Neumann Index