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Het monetaire instrumentarium van het Eurosysteem in onconventionele tijden

Author

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  • Jan Kakes
  • Inge Klaver
  • René Rollingswier

Abstract

Centrale banken hebben wereldwijd een reeks nieuwe monetaire beleids instrumenten ingezet in reactie op uitzonderlijke crisisomstandigheden en de aanhoudend lage inflatie. In reactie op achtereenvolgens de kredietcrisis, de Europese schuldencrisis en de COVID-crisis hebben centrale banken ingegrepen om ervoor te zorgen dat de markten bleven functioneren en om fragmentatie van markten te voorkomen. Bovendien bleef de inflatie, ondanks de steeds verder gedaalde rente, hardnekkig onder de doelstelling van twee procent. Omdat de conventionele beleidsruimte wordt beperkt door de effectieve ondergrens van rentetarieven (effective lower bound, hierna ELB), hebben centrale banken hun instrumentarium uitgebreid om hun mandaat te kunnen blijven vervullen. Na meer dan een decennium “onconventioneel monetair beleid†(unconventional monetary policy, UMP) hierna is de voetafdruk van centrale banken in de financiële markten veel groter geworden, waarbij hun balansen zijn opgerekt tot niveaus die meestal worden geassocieerd met extreme gebeurtenissen zoals oorlogen en ernstige economische crises (figuur 1.1).

Suggested Citation

  • Jan Kakes & Inge Klaver & René Rollingswier, 2022. "Het monetaire instrumentarium van het Eurosysteem in onconventionele tijden," Occasional Studies 2002, DNB.
    • Handle: RePEc:dnb:dnbocs:2002
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