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Unconventional monetary policy; Central bank reserves; Overnight interest rate; European Central Bank; Germany; Great Financial Crisis

Author

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  • Eladio Febrero
  • Jorge Uxó
  • Óscar Dejuán

Abstract

Did the ECB lend reserves to banks in the eurozone periphery during the Great Financial Crisis to allow German banks to recover their investments or just to keep the monetary policy transmission mechanism working? Was its monetary policy unconventional at the time? If so, according to what criteria? In this paper, we review the arguments in Tropeano (2019) and Febrero et al. (2015). We conclude that the ECB was rather conventional in its defensive reaction to managing the overnight interest rate in the interbank market.

Suggested Citation

  • Eladio Febrero & Jorge Uxó & Óscar Dejuán, 2025. "Unconventional monetary policy; Central bank reserves; Overnight interest rate; European Central Bank; Germany; Great Financial Crisis," Review of Keynesian Economics, Edward Elgar Publishing, vol. 13(3), pages 404–416-4, July.
    • Handle: RePEc:elg:rokejn:v:13:y:2025:i:3:p44-416
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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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