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A monetary policy strategy in good and bad times: lessons from the recent past

Frank Smets, Oreste Tristani (), Roberto Motto, Massimo Rostagno () and Stephan Fahr ()

No 1336, Working Paper Series from European Central Bank

Abstract: We evaluate the ECB's monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at ensuring macroeconomic stability and steady growth despite shocks to the supply side and to the transmission mechanism which complicated the policy process. Emphasis on monetary indicators in the ECB's monetary policy strategy JEL Classification: E31, E44, E51, E58

Keywords: credit; financial crisis; monetary policy; monetary transmission; Non-standard policy measures; Supply factors (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
Date: 2011-05
Note: 58657
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Journal Article: A monetary policy strategy in good and bad times: lessons from the recent past (2013) Downloads
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