Seminario dipartimentale a.a. 2019/2020
A Tale of Two Decades: the ECB’s Monetary Policy at 20
INTERVIENE: Carlo Altavilla, Head of Monetary Analysis Section, European Central Bank
The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look back on the ECB’s record and learn lessons. The “Tale of Two Decades” is largely a tale of “two regimes”. In the relatively high-inflation years prior to the crisis, the ECB’s monetary policy framework functioned as a key shock-absorber, whereas in the post-crisis era the imperative to halt persistent disinflation called for a radical, unprecedented policy response, comprising negative policy rates, enhanced forms of forward guidance, a large asset purchase programme and targeted long-term loans to banks. The interactions among these four instruments and their impact on inflation and the macroeconomy are the main topics of the seminar.
Per info scrivere a firstname.lastname@example.org