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Power or Economic Law? Fresh Reflections on ECB Policy

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  • Carl-Ludwig Holtfrerich

    (John F. Kennedy Institute of the Freie Universität Berlin)

Abstract

Conventional wisdom says that central banks determine interest rate levels. After all, monetary policy set by central banks directly influences money market conditions. But these conditions are also shaped by other actors such as government, manufacturing businesses, commercial banks and non-bank financial institutions, as well as by monetary developments abroad. In this paper, it is argued that market forces, such as a global saving glut, play a more important role in setting interest rates than central banks.

Suggested Citation

  • Carl-Ludwig Holtfrerich, 2018. "Power or Economic Law? Fresh Reflections on ECB Policy," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 53(3), pages 164-169, May.
    • Handle: RePEc:spr:intere:v:53:y:2018:i:3:d:10.1007_s10272-018-0742-7
    DOI: 10.1007/s10272-018-0742-7
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