Open AccessECB policy responses between 2007 and 2014: A chronological analysis and an assessment of their effects
Author(s) -
Carlos Manuel Taboada Rodriguez,
Carlos A. Carrasco
Publication year - 2016
Publication title -
panoeconomicus
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.289
H-Index - 14
eISSN - 2217-2386
pISSN - 1452-595X
DOI - 10.2298/pan1604455r
Subject(s) - monetary policy , economics , financial crisis , monetary economics , european debt crisis , sovereignty , sovereign debt , debt , financial system , macroeconomics , international economics , political science , european integration , european union , politics , law
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