Monetary policy during the pandemic: fit for purpose?

Cristophe Blot, Caroline Bozou and Jerome Creel

Politica economica, 2021, issue 3, 289-312

Abstract: We review the ECB measures since the start of the COVID-19 crisis, i.e. the extension of APP and the introduction of PEPP. We show that APP announcements have helped steer inflation expectations upward. We also show that PEPP has alleviated fragmentation risk. Finally, we show that since the mid-2000s, ECB measures have had real effects on euro area unemployment rates, nominal effects on inflation rates and financial effects on banking stability.

Keywords: monetary policy; asset prices; intermediate objectives (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.rivisteweb.it/download/article/10.1429/103964 (application/pdf)
https://www.rivisteweb.it/doi/10.1429/103964 (text/html)
Access to full text is restricted to subscribers

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:mul:je8794:doi:10.1429/103964:y:2021:i:3:p:289-312

Access Statistics for this article

Politica economica is currently edited by Giuseppe Marotta

More articles in Politica economica from Società editrice il Mulino
Bibliographic data for series maintained by ().