PRICE STABILITY AND THE ECB'S MONETARY POLICY STRATEGY*
分析欧洲央行货币政策中价格稳定目标的含义，评估短期至中期通胀预期的锚定效果，并探讨中长期价格水平不确定性，结论显示欧元区通胀与理论一致且欧洲央行行动有效。
Abstract This paper focuses on the price stability objective within the framework of the single monetary policy strategy. It starts by reviewing what this objective, which is common to all central banks, means. Second, this paper focuses exclusively on the anchoring of short‐ to medium‐term inflation expectations (Part 2). Several measures show that this anchoring is effective. A ‘two‐pillar’ small structural macro‐economic model framework is used to analyze the impact that this anchoring of expectations has on the determination of the short‐ to medium‐term inflation rate. From this point of view, observed inflation in the euro area seems to be in line with the theory and the ECB's action seems to be very effective. Third, we focus on the other aspect of monetary stability: the degree of price‐level uncertainty and the anchoring of inflation expectations in the medium to long term. Even though this assessment is more difficult than it is in the short to medium term, since we only have a track record covering 6 years, various indicators from the theoretical analysis paint a fairly reassuring picture of the effectiveness of the device used by the ECB.