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The Monetary Pillar and the Great Financial Crisis

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  • Jordi Galí
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    Abstract

    Since its inception, a most distinctive (and controversial) feature of the ECB monetary policy strategy has been its emphasis on money and monetary analysis, which constitute the basis of the so-called monetary pillar. The present paper examines the performance of the monetary pillar around the recent financial crisis episode, and discusses its prospects in light of the renewed emphasis on financial stability and the need for enhanced macro-prudential policies.

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    File URL: http://research.barcelonagse.eu/tmp/working_papers/469.pdf
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    Bibliographic Info

    Paper provided by Barcelona Graduate School of Economics in its series Working Papers with number 469.

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    Date of creation: Jun 2010
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    Handle: RePEc:bge:wpaper:469

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    Related research

    Keywords: Monetary policy strategy; two pillar strategy; monetarism; financial stability;

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    References

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    1. Moritz Schularick & Alan M. Taylor, 2009. "Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870–2008," NBER Working Papers 15512, National Bureau of Economic Research, Inc.
    2. André Sapir & Marco Buti, 1998. "Economic policy in EMU," ULB Institutional Repository 2013/8078, ULB -- Universite Libre de Bruxelles.
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    Cited by:
    1. Landais, Bernard, 2011. "Conduite et efficacité de la politique économique : les leçons de la crise
      [Management and Efficiency of the Economic Policies : The Crisis' Lessons"]
      ," MPRA Paper 31223, University Library of Munich, Germany.

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