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The monetary pillar and the great financial crisis

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Abstract

Since 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.

Suggested Citation

  • Jordi Galí, 2010. "The monetary pillar and the great financial crisis," Economics Working Papers 1223, Department of Economics and Business, Universitat Pompeu Fabra.
  • Handle: RePEc:upf:upfgen:1223
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    Cited by:

    1. 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.
    2. 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.
    3. Lenz, Rainer, 2015. "Banking 2025: The Bank of the Future," EconStor Preprints 110466, ZBW - German National Library of Economics.

    More about this item

    Keywords

    monetary policy strategy; two pillar strategy; monetarism; financial stability.;

    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

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