The First Year of the Eurosystem: Inflation Targeting or Not?
评估欧元体系第一年的货币政策框架，分析其目标、决策流程和对外沟通是否接近通胀目标制，帮助判断该制度是否透明、有效。
This paper is a brief evaluation of the Eurosystem's monetary-policy regime after its first year, in particular of the extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the Eurosystem's goals, framework for monetary-policy decisions and communication with outsiders. Criteria for evaluation are whether the goals are unambiguous and appropriate; whether the decision framework is efficient in collecting and processing information and reaching decisions that are appropriate relative to the goals; and whether the communication is effective in motivating decisions, simplifying external evaluation and thereby improving transparency and accountability. I also consider whether the actual instrument setting has been appropriate, given the informaion available at the times of decision.