The Monetary Policy of the ECB in the Time of Crisis The Current Empirical Analysis
AbstractThis paper investigates the monetary policy of the European Central Bank in the time of the financial, economic and European debt and banking crisis. This paper focuses on the actual issues connected with the debt and banking crisis in Europe. The attention is devoted to the risk development in the European banking sector and the development of the monetary policy of the ECB. The empirical analysis of the ECB ́s monetary policy points out the systematic change in its behavior, which means that the ECB has been more focused on the financial stability of the European banking sector instead of the standard aim regarding the price stability. The results of the paper show how the monetary policy of the ECB is more and more unconventional with a decreasing rate of independence. This fact would have a significant impact on a future development of the European banking sector and the European economic activity
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by University of Economics, Prague in its journal Současná Evropa.
Volume (Year): 2012 (2012)
Issue (Month): 1 ()
Postal: Centrum evropských studií VŠE Praha
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jaromir Baxa & Roman Horvath & Borek Vasicek, 2011.
"Time-Varying Monetary-Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary Policy?,"
2011/03, Czech National Bank, Research Department.
- Baxa, Jaromír & Horváth, Roman & Vašíček, Bořek, 2013. "Time-varying monetary-policy rules and financial stress: Does financial instability matter for monetary policy?," Journal of Financial Stability, Elsevier, vol. 9(1), pages 117-138.
- Jaromír Baxa & Roman Horváth & Borek Vasícek, 2011. "Monetary Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary," Working Papers wpdea1101, Department of Applied Economics at Universitat Autonoma of Barcelona.
- Checherita-Westphal, Cristina & Rother, Philipp, 2010. "The impact of high and growing government debt on economic growth: an empirical investigation for the euro area," Working Paper Series 1237, European Central Bank.
- Michael D. Bordo & Agnieszka Markiewicz & Lars Jonung, 2011. "A Fiscal Union for the Euro: Some Lessons from History," NBER Working Papers 17380, National Bureau of Economic Research, Inc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Vaclav Subrta).
If references are entirely missing, you can add them using this form.