ECB Policy Responses between 2007 and 2014: a chronological analysis and a money quantity assessment of their effects
Carlos Rodriguez and
Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project
In this paper, we analyse the ECB policy measures in place since the outbreak of the financial crisis. First, we discuss the categorisation of the measures implemented by the ECB. Second, we study the phases of the crises and the concrete policy responses. Third, we conduct a comparative analysis of the ECB and the FED responses at the beginning of the crises with regard to the financial system structure, the determinants of the balance sheet size and composition, the risk absorbed, and the exit strategy involved. Finally, we discuss the effectiveness of the ECB’s monetary policy from a traditional monetarist perspective during the entire period, by analysing its impact on monetary aggregates and the money multiplier.
Keywords: ECB; unconventional monetary policy; money multiplier; monetary aggregates; European crises (search for similar items in EconPapers)
JEL-codes: E52 E58 F15 N14 (search for similar items in EconPapers)
Pages: 28 pages
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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