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Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank - Oxford Scholarship Online
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Monetary Policy in Times of Crisis: A Tale of Two Decades of the European Central Bank

Massimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto, Arthur Saint Guilhem, and Jonathan Yiangou

Abstract

The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look back on the record of the European Central Bank (ECB) and learn lessons that can improve the conduct of policy in the future. This volume charts the way the ECB has defined, interpreted, and applied its monetary policy framework—its strategy—over the years from its inception, in search of evidence and lessons that can inform those reflections. Our ‘Tale of Two Decades’ is largely a tale of ‘two regimes’: one—stretching slightly beyond the ECB’s mid-point—marked by decent growth in real incomes and a distrib ... More

Keywords: monetary policy, non-standard measures, policy strategy, European Central Bank, policy regimes

Bibliographic Information

Print publication date: 2021 Print ISBN-13: 9780192895912
Published to Oxford Scholarship Online: July 2021 DOI:10.1093/oso/9780192895912.001.0001

Authors

Affiliations are at time of print publication.

Massimo Rostagno, author
Director, Directorate General Monetary Policy, European Central Bank

Carlo Altavilla, author
Head of Bank Lending Conditions Section, Directorate General Monetary Policy, European Central Bank

Giacomo Carboni, author
Principal Economist in the Monetary Policy Strategy Division, Directorate General Monetary Policy, European Central Bank

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