"Fundamentals of Monetary Policy in the Euro Area: Concepts • Markets • Institutions" by Dieter Gerdesmeier

This book attempts to inform the reader in a comprehensive and accessible way about the analytical background and institutional setting of euro area monetary policy. Based on a rigorous description of selected financial markets and their driving forces, the theory and practice of monetary policy are explained in detail and illustrated by a number of up-to-date real world examples.

This book aims at shedding more light at central banks and monetary policy, with a particular focus at the euro area.

Contents
1. Introduction and motivation
2. Basic concepts
2.1. Learning objectives
2.2. Some economic concepts
2.3. Some statistical concepts
3. A short history of EMU
3.1. Learning objectives
3.2. The roadmap to EMU
3.3. Convergence criteria
3.4. The concept of an optimal currency area
3.5. Advantages and disadvantages of a monetary union
3.6. Some controversies about the road
4. Institutions
4.1. Learning objectives
4.2. The European Central Bank
4.3. Presidents of the European Central Bank
4.4. The Rise of the Euro
4.5. A closer look at the U.S. Federal Reserve System
4.6. A closer look at the Bank of Japan
4.7. A closer look at the Bank of England
4.8. Decision-making modalities
4.9. Independence and accountability
5. Inflation
5.1. Learning objectives
5.2. Basic concepts
5.3. Effects of inflation
5.4. Measuring inflation
5.5. Core and non-core inflation
5.6. Measurement problems
6. Causes of inflation
6.1. Learning objectives
6.2. The Quantity Theory
6.3. The Phillips Curve
6.4. The P-Star Approach
6.5. The aggregate supply and demand models
6.6. The frequency decomposition approach
6.7. Role and limitations of monetary policy
6.8. Empirical evidence for the euro area
7. Monetary policy strategies
7.1. Learning objectives
7.2. Intermediate targets and indicators
7.3. Monetary policy strategies
7.4. The monetary policy strategy of the ECB
7.5. Definition and role of money
8. Financial markets
8.1. Learning objectives
8.2. Functions of the financial system
8.3. Direct and indirect finance
8.4. Financial institutions
9. Interest rates
9.1. Learning objectives
9.2. Basic considerations
9.3. Present value and future value
9.4. Determinants of interest rates
9.5. Determinants of the term structure
10. Money markets
10.1. Learning objectives
10.2. Basic considerations
10.3. Some key interest rates worldwide
11. Bond markets
11.1. Learning objectives
11.2. Basic considerations
11.3. Types of bonds
11.4. Calculating the value of a bond
11.5. Bond ratings
12. Stock markets
12.1. Learning objectives
12.2. Basic considerations
12.3. Calculating the value of a stock
12.4. Technical and fundamental analysis
12.5. Stock market indices
13. Foreign exchange markets
13.1. Learning objectives
13.2. Basic considerations
13.3. Purchasing power parity
13.4. Interest rate parity
13.5. Exchange market interventions
13.6. Exchange rate regimes
13.7. ERM II
14. Derivative markets
14.1. Learning objectives
14.2. Basic considerations
14.3. Forward and futures contracts
14.4. Swaps
14.5. Options
14.6. Credit Default Swaps
15. Market efficiency
15.1. Learning objectives
15.2. Forms of efficiency
15.3. Behavioural finance
16. Money supply and money demand
16.1. Learning objectives
16.2. Monetary aggregates
16.3. The money supply process
16.4. Money demand
16.5. On the control of money supply
16.6. The monetary policy transmission process
16.7. Time lags of monetary policy
16.8. Interest–rate decisions of the ECB
16.9. Monetary policy instruments in the euro area
16.10. Monetary policy in times of financial crisis
16.11. Enhanced credit support
16.12. The Securities Market Programme
16.13. Three-year longer-term refinancing operations
16.14. Outright Monetary Transactions
16.15. Forward guidance
16.16. TARGET- issues
16.17. The way forward
17. Monetary policy in practice
17.1. Learning objectives
17.2. Real interest rates
17.3. Monetary Condition Indices
17.4. The McCallum rule
17.5. The Taylor rule
17.6. Monetary indicators
18. Asset price imbalances and monetary policy
18.1. Learning objectives
18.2. Asset price imbalances
18.3. Some historical examples
18.4. Detecting asset price booms and busts
18.5. Early warning indicator models
18.6. Monetary policy, asset and consumer prices
18.7. Monetary policy responses
19. Questions for review
20. List of symbols and abbreviations
21. Glossary
22. References
23. Endnotes

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