Foreword ‒ The Crisis, Ten Years After: Lessons Learnt for Monetary and Financial Research

Avant‑propos – La crise, dix ans après: les enseignements pour la recherche dans les domaines monétaire et financier

Andreas Beyer (), Benoît Coeuré () and Caterina Mendicino ()
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Andreas Beyer: Centre de recherche de la Banque Centrale européenne - Banque Centrale Européenne
Benoît Coeuré: Centre de recherche de la Banque Centrale européenne - Banque Centrale Européenne
Caterina Mendicino: Centre de recherche de la Banque Centrale européenne - Banque Centrale Européenne

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Abstract: Ten years after the global and European financial crises, significant progress has been made both in financial and economic research to address the shortcomings of mainstream modelling frameworks used to inform monetary and financial policymaking. This article first reviews the progress made in the field of econometric modelling, namely more elaborated financial sectors, partial non‑linearity, addressing the effective lower bound for interest rates and dealing with heterogeneity across countries and economic agents. We then describe how such progress has helped assessing the impact of unconventional monetary policy and the interaction between monetary and prudential policies, also building on the extensive use of micro‑data. We conclude that more research remains needed on the transmission of negative rates, and their financial stability repercussions, and to understand better central bank communication (including forward guidance on monetary policy) by introducing elements of bounded rationality. Research remains also needed on building models with more heteroge‑ neous agents, given the relevance of heterogeneity for the transmission of monetary policy and the rising importance of inequality in the broader policy discussion.

Keywords: financial crisis; banking supervision; macroprudential policy; unconventional monetary policy; macroeconomic modelling; supervision bancaire; politique macroprudentielle; politique monétaire non conventionnelle; modélisation macroéconomique; crise financière (search for similar items in EconPapers)
Date: 2017-10-11
Note: View the original document on HAL open archive server: https://insee.hal.science/hal-05500967v1
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Published in Economie et Statistique / Economics and Statistics, 2017, 494-495-496, pp.45-64. ⟨10.24187/ecostat.2017.494t.1918⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05500967

DOI: 10.24187/ecostat.2017.494t.1918

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