ECB Policy Responses between 2007 and 2014: a chronological analysis and a money quantity assessment of their effects

Carlos Rodriguez and Carlos Carrasco

Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: In this paper, we analyse the ECB policy measures in place since the outbreak of the financial crisis. First, we discuss the categorisation of the measures implemented by the ECB. Second, we study the phases of the crises and the concrete policy responses. Third, we conduct a comparative analysis of the ECB and the FED responses at the beginning of the crises with regard to the financial system structure, the determinants of the balance sheet size and composition, the risk absorbed, and the exit strategy involved. Finally, we discuss the effectiveness of the ECB’s monetary policy from a traditional monetarist perspective during the entire period, by analysing its impact on monetary aggregates and the money multiplier.

Keywords: ECB; unconventional monetary policy; money multiplier; monetary aggregates; European crises (search for similar items in EconPapers)
JEL-codes: E52 E58 F15 N14 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2014-09-01
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

Downloads: (external link)
http://fessud.eu/wp-content/uploads/2013/04/ECB-po ... Working-paper-65.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fes:wpaper:wpaper65

Access Statistics for this paper

More papers in Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project FESSUD Co-ordinator (Malcolm Sawyer) Leeds University Business School Maurice Keyworth Buidling Leeds LS2 9JT.
Bibliographic data for series maintained by Helen Evans ( this e-mail address is bad, please contact ).