ECB policy responses between 2007 and 2014: A chronological analysis and an assessment of their effects

Carlos Rodríguez, Carlos A. Carrasco

Research output: Contribution to journalArticle

3 Citations (Scopus)

Abstract

The paper analyses the monetary policy responses of the European Central Bank (ECB) to the global financial crisis and the European sovereign debt crisis. Our goals are on the one hand to explain chronologically the main measures in conventional and unconventional policies adopted by the ECB and on the other hand to analyse their effects on key interest rates, monetary aggregates and the money multiplier. The assessment is that the ECB’s monetary policy responses to the crisis have been “too little, too late”, constrained by the institutional framework, which prevents the ECB from acting as a true central bank with the role of lender of last resort.

Original languageEnglish
Pages (from-to)455-473
Number of pages19
JournalPanoeconomicus
Volume63
Issue number4
DOIs
Publication statusPublished - 1 Jan 2016

Fingerprint

European Central Bank
Central bank policy
Policy responses
Monetary policy
Central bank
Institutional framework
Interest rates
Lender of last resort
Monetary aggregates
Global financial crisis
Money multiplier
Sovereign debt crises

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)

Cite this

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ECB policy responses between 2007 and 2014: A chronological analysis and an assessment of their effects. / Rodríguez, Carlos; Carrasco, Carlos A.

In: Panoeconomicus, Vol. 63, No. 4, 01.01.2016, p. 455-473.

Research output: Contribution to journalArticle

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