NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

How Central Bankers See It: The First Decade of ECB Policy and Beyond

Stephen G. Cecchetti, Kermit L. Schoenholtz

NBER Working Paper No. 14489
Issued in November 2008

---- Acknowledgements -----

The authors are Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements, Research Associate, National Bureau of Economic Research and Research Fellow, Centre for Economic Policy Research; and Senior Advisor and Managing Director of Citi Economic and Market Analysis. This paper was prepared for the NBER conference "Europe and the Euro," 17-18 October 2008, Milan, Italy. It is traditional to use the introductory footnote to thank colleagues who contributed comments and advice. In this case, there were dozens of people without whom we could not have written this paper. First, 17 senior officials sat for interviews that their staffs helped organize; second, Citigroup facilitated interview transcription; third, several economists helped with data and filled in parts of the history (notably, Jose Luis Alzola); and finally, the editors of this volume spurred us to write this paper. To all of them we extend our heartfelt thanks. We also would like to thank Alberto Alesina, Vitor Gaspar, and Francesco Giavazzi for comments on an earlier draft; and Malcolm Spittler of Citigroup for his excellent research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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