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By Jakob de Haan, Helge Berger

Coming at a severe juncture for the euro, the ebook takes inventory of the ECB's adventure in the course of its first ten years and discusses the way in which forward. The articles are written by way of recognized specialists within the box and supply the reader with a entire assessment of suitable coverage matters, together with the ECB’s communique and its financial process and instruments.

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Applied Economics, 41, 1293–1302. Frankel, J. , & Rose, A. K. (1998). The endogeneity of the optimum currency area criteria. Economic Journal, 108, 1009–1025. , & Lane, P. (2003). Divergent inflation rates in EMU. Economic Policy, 18(37), 358–394. , & Lane, P. (2004). Exchange rates and inflation under EMU: An update. Economic Policy Web Essay. asp. , & Schröder, M. (2002). Exchange rate pass-through to consumer prices: A European perspective. ZEW Discussion Paper No. 02-20. Imbs, J. (2004). Trade, finance, specialization and synchronization.

However, the results of Angeloni and Ehrmann (2007), to be discussed in the following section, suggest a much smaller effect of the euro exchange rate on inflation differentials in the euro area. Also a recent study by Andersson et al. (2009) concludes that external factors such as differences in nominal effective exchange rates play only a minor role in explaining inflation differentials vis-à-vis the euro area. The three sources of inflation differentials mentioned so far are probably not worrisome from a policy point of view (with a possible exception for fiscal policy differences), since they are either transitory (although potentially long lasting as will discussed in the next section) or reflect the result of convergence or equilibrating dynamics.

6 And Alesina, Blanchard, Galí, Giavazzi and Uhlig (2001a, b, p. 4) speaking about a ‘‘breakdown in communication,’’ agreed that the ECB should abandon the two-pillar approach in favor of a simple inflation targeting strategy. While they conceded that there may be good theoretical and 5 The ECB is constantly working on improving its monetary analysis. For example, Papademos (2006, p. 4) points out that the ECB is carrying out research aimed at ‘‘…incorporating a richer financial sector into dynamic stochastic general equilibrium models, in order to study the role of financial variables in the conduct of monetary policy’’.

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