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  • Carl-Ludwig Holtfrerich

    (Freie Universität Berlin)

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    Abstract

    I focus my remarks on the implications of the monetary policy response to the crisis for inflation and/or deflation and discuss the following questions: Have we successfully avoided deflation and a great depression in its wake? Will the expansion of central banks’ balance sheets eventually result in unacceptable inflation? Have unconventional measures impaired central bank credibility and/or compromised central bank independence? What are the potential lessons from history for central bank policies in the future?

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    File URL: http://www.ecb.int/events/conferences/html/cbc6/8holtfrerich6cbc.pdf
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    Bibliographic Info

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    This chapter was published in:

  • Marek Jarocinski & Frank Smets & Christian Thimann (ed.), 2011. "Approaches to monetary policy revisited - lessons from the crisis, 6th ECB Central Banking Conference, 18-19 November 2010," Books, European Central Bank, number cbc6.
    This item is provided by European Central Bank in its series Chapters with number cbc6-08.

    Handle: RePEc:ecb:chaptr:cbc6-08

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    1. Barry Eichengreen, 1992. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," NBER Books, National Bureau of Economic Research, Inc, number eich92-1, October.
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