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The ECB monetary policy since 2014 and its positive impact on inflation
[La politique de la BCE depuis 2014 et son effet positif sur l’inflation]

Author

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  • Magali Marx
  • Benoît Nguyen
  • Jean-Guillaume Sahuc

Abstract

Euro area inflation would have been negative in 2015 and 2016 absent the ECB action since 2014. The impact of this action on inflation, measured by the HICP (Harmonized Index of Consumer Prices), is around +0.3 percentage point (pp) as early as 2015 and +0.8 pp in 2016 according to staff’s estimates of the Eurosystem (the ECB and the 19 national central banks). The cumulated effect on 2015-18 of measures taken in 2014-16 reaches almost +1.6 pp. L’inflation en zone euro aurait été négative en 2015 et 2016 sans la politique menée par la BCE depuis 2014. L’impact de cette politique sur l’inflation, mesurée par l’IPCH (Indice des Prix à la Consommation Harmonisé) est estimé à environ +0,3 point de pourcentage (pp) dès 2015 et +0,8 pp en 2016 selon une étude de l’Eurosystème (la BCE et les 19 banques centrales nationales). L’effet cumulé sur 2015-18 des mesures prises en 2014-16 atteindrait presque +1,6 pp.

Suggested Citation

  • Magali Marx & Benoît Nguyen & Jean-Guillaume Sahuc, 2017. "The ECB monetary policy since 2014 and its positive impact on inflation [La politique de la BCE depuis 2014 et son effet positif sur l’inflation]," Eco Notepad (in progress) 07, Banque de France.
    • Handle: RePEc:bfr:econot:07
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