Monetary aggregates remain about price, not financial, stability: ECB’s Stark
The focus of monetary analysis must remain price, rather than financial, stability, Jürgen Stark, a member of the European Central Bank's (ECB) Executive Board, has warned.
In a splenetic attack directed at those that had criticised the ECB's dogged advocacy of monetary analysis pre-crisis, Stark said on Friday: "Money has been ignored. In the canonical New Keynesian macro model on which the intellectual foundations of inflation targeting rests, money has been considered a redundant element in
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