ECB Policy Responses between 2007 and 2014: A Chronological Analysis and an Assessment of Their Effects

Carlos Rodriguez and Carlos Carrasco

Panoeconomicus, 2016, vol. 63, issue 4, 455-473

Abstract: The paper analyses the monetary policy responses of the European Central Bank (ECB) to the global financial crisis and the European sovereign debt crisis. Our goals are on the one hand to explain chronologically the main measures in conventional and unconventional policies adopted by the ECB and on the other hand to analyse their effects on key interest rates, monetary aggregates and the money multiplier. The assessment is that the ECB’s monetary policy responses to the crisis have been “too little, too late”, constrained by the institutional framework, which prevents the ECB from acting as a true central bank with the role of lender of last resort. Key words: ECB, Unconventional monetary policy, Money multiplier, Monetary aggregates, European crises.JEL: E52, E58, F15, N14.

Keywords: ECB; Unconventional monetary policy; Money multiplier; Monetary aggregates; European crises (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
https://panoeconomicus.org/index.php/jorunal/article/view/36/34 (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:voj:journl:v:63:y:2016:i:4:p:455-473:id:36

Access Statistics for this article

Panoeconomicus is currently edited by Kosta Josifidis

More articles in Panoeconomicus from Savez ekonomista Vojvodine, Novi Sad, Serbia
Bibliographic data for series maintained by Savez ekonomista Vojvodine, Novi Sad, Serbia ().