Structural Reforms in EMU and the Role of Monetary Policy - A Survey of the Literature
Structural Reforms in EMU and the Role of Monetary Policy - A Survey of the Literature
复制标题
欧洲货币联盟的结构改革和货币政策的作用——文献综述
DOI：
10.2139/ssrn.977357
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
G. Vitale
中科院分区：
文献类型：
--
作者：
Nadine Leiner;Victor Lopez;Roger Stiegert;G. Vitale
人们经常主张欧元区需要进行结构性改革。这些改革将改善欧元区公民的福利，并且作为一个受欢迎的副作用，促进货币政策的实施。在此背景下，一个特别相关的问题是货币政策是否应该有助于实施结构性改革。本文的目的是回顾经济货币联盟（EMU）结构性改革的现有文献，并讨论货币政策支持结构性改革进程的可能方式。在欧洲货币联盟的背景下，得出的主要结论是，欧元区的货币政策不是减轻潜在和不确定的短期改革成本或为国家层面的结构性改革提供激励的适当工具。然而，旨在稳定价格的可信货币政策可以改善经济供给侧的运作，并有助于营造有利于提高福利的结构性变革的环境。此外，欧洲央行对实施结构性改革的贡献采取分析、评估和沟通的形式。
The need for structural reforms in the euro area has often been advocated. These reforms would improve the welfare of euro area citizens and also, as a welcome side-effect, facilitate the conduct of monetary policy. Against this background, a particularly relevant question that can be posed is whether monetary policy should help implement structural reforms. The objective of this paper is to provide a review of the existing literature on structural reforms in Economic and Monetary Union (EMU) and to discuss the possible ways in which monetary policy could support the structural reform process. In the context of EMU, the main conclusions that emerge are that the monetary policy for the euro area is not the appropriate tool for mitigating the potential and uncertain short-term costs of reforms or for providing incentives for structural reforms at the national level. However, credible monetary policy aimed at price stability can improve the functioning of the supply side of the economy and contribute to an environment which is conducive to welfare-enhancing structural changes. In addition, the ECB's contribution to the implementation of structural reforms takes the form of analysis, assessment and communication.