Proposals for a policy mix in the euro area

Article dans une revue: Since 2009, central banks have implemented expansionary policies to support activity and prevent industrialized economies from falling into deflation. In a recessionary environment, policy rates reached an effective lower bound (ELB) which has led central banks to resort to unconventional measures. These policies have resulted in an expansion of their balance sheets, reflecting liquidities provided by central banks to the financial system and asset purchases. These actions have raised many questions about their impact on real activity because recovery has been weak in the Eurozone, notably compared to the United States and the United Kingdom (see chapter 1). In the following, we focus on ECB policies’ impact on investment (section a) and on the impact of credit conditions on investment (section b). Questions have also been raised concerning the possible responsibility of monetary policy in generating financial bubbles (section c). The end of QE finally raises the issue of next engine of growth for the euro area (section d).

Auteur(s)

Georg Feigl, Markus Marterbauer, Miriam Rehm, Matthias Schnetzer, Sepp Zuckerstätter, Lars Nørvang Andersen, Thea Nissen, Signe Dahl, Peter Hohlfeld, Benjamin Lojak, Thomas Theobald, Achim Truger, Andrew Watt, Guillaume Allegre, Céline Antonin, Christophe Blot, Jérôme Creel, Bruno Ducoudre, Paul Hubert, Sabine Lebayon, Sandrine Levasseur, Hélène Périvier, Raul Sampognaro, Aurélien Saussay, Vincent Touzé, Sébastien Villemot

Revue
  • Revue de l’OFCE
Date de publication
  • 2016
Mots-clés
  • Policy Mix
  • Monetary Policy
  • Credit
Référence interne
  • 2441/9labe9r4se65i789685qj0d3k
Pages
  • 91-127
Version
  • 1