The monetary pillar and the great financial crisis
AbstractSince 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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Bibliographic InfoPaper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 1223.
Date of creation: Jun 2010
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monetary policy strategy; two pillar strategy; monetarism; financial stability.;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-06-18 (All new papers)
- NEP-CBA-2010-06-18 (Central Banking)
- NEP-EEC-2010-06-18 (European Economics)
- NEP-MAC-2010-06-18 (Macroeconomics)
- NEP-MON-2010-06-18 (Monetary Economics)
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- 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.
- Axel A. Weber, 2011. "Challenges for monetary policy in the European Monetary Union," Review, Federal Reserve Bank of St. Louis, issue July, pages 235-242.
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