The Monetary Pillar and the Great Financial Crisis

Jordi Galí
Authors registered in the RePEc Author Service: Jordi Galí

No 469, Working Papers from Barcelona School of Economics

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.

Keywords: monetary policy strategy; two pillar strategy; monetarism; financial stability (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2015-09
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Citations: View citations in EconPapers (2)

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Working Paper: The monetary pillar and the great financial crisis (2010)
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