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Internationale Finanzkrise und die Geldpolitik der Europäischen Zentralbank

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  • Manfred J. M. Neumann
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    Abstract

    Ill-designed regulation and inattentive supervision have contributed to the financial crisis, so has monetary policy. This article puts the focus on the European Central Bank (ECB). We test the hypothesis that the ECB's change of concept in 2003 (money in the background) paved the way to follow the Fed's overly expansionary monetary policy. We also discuss if policy should be geared to financial market stability. In contrast to the Greenspan-Bernanke-Mishkin view, some modest leaning against the bubble is supported. Finally, the ECB's response to the crisis is evaluated. Cheap long-run jumbo loans and reduced security standards are potentially dangerous. Copyright 2009 die Autoren Journal compilation 2009, Verein für Socialpolitik und Blackwell Publishing Ltd.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2516.2009.00314.x
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    Bibliographic Info

    Article provided by Verein für Socialpolitik in its journal Perspektiven der Wirtschaftspolitik.

    Volume (Year): 10 (2009)
    Issue (Month): 4 (November)
    Pages: 367-388

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    Handle: RePEc:bla:perwir:v:10:y:2009:i:4:p:367-388

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    1. Katrin Assenmacher-Wesche & Stefan Gerlach, 2008. "Financial Structure and the Impact of Monetary Policy on Asset Prices," Working Papers 2008-16, Swiss National Bank.
    2. Frederic S. Mishkin & Eugene N. White, 2002. "U.S. Stock Market Crashes and Their Aftermath: Implications for Monetary Policy," NBER Working Papers 8992, National Bureau of Economic Research, Inc.
    3. Alan Greenspan, 2004. "Risk and Uncertainty in Monetary Policy," American Economic Review, American Economic Association, vol. 94(2), pages 33-40, May.
    4. Stephen G. Cecchetti & Hans Genberg & Sushil Wadhwani, 2002. "Asset Prices in a Flexible Inflation Targeting Framework," NBER Working Papers 8970, National Bureau of Economic Research, Inc.
    5. Clarida, Richard & Galí, Jordi & Gertler, Mark, 1997. "Monetary Policy Rules in Practice: Some International Evidence," CEPR Discussion Papers 1750, C.E.P.R. Discussion Papers.
    6. Massimo Giuliodori, 2004. "Monetary Policy Shocks and the Role of House Prices Across European Countries," DNB Working Papers 015, Netherlands Central Bank, Research Department.
    7. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
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