The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks
Stefano Neri () and
Stefano Siviero ()
Credit and Capital Markets, 2018, vol. 51, issue 4, 513-560
This paper examines the challenges faced by the European Central Bank since the outbreak of the global financial crisis. From 2008 to 2014, the need to preserve the correct functioning of the monetary policy transmission mechanism and ensure the supply of credit to the private sector stretched the limits of conventional monetary policy. In 2015, the risk of deflation led the ECB to start a large scale asset purchase programme. The analysis is largely based on a review of the many studies that Banca d’Italia staff has produced on the factors that have brought inflation to unprecedented low levels in 2014 and on the effects of the asset purchase programme.
Keywords: monetary policy; global financial crisis; sovereign debt crisis; deflation; asset purchases (search for similar items in EconPapers)
JEL-codes: E31 E43 E52 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.
Working Paper: The non-standard monetary policy measures of the ECB: motivations, effectiveness and risks (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:kuk:journl:v:51:y:2018:i:4:p:513-560
Access Statistics for this article
More articles in Credit and Capital Markets from Credit and Capital Markets
Bibliographic data for series maintained by Credit and Capital Markets ().