Complexity, Uncertainty, and Monetary Policy: Can the ECB Avoid the Unconventional Becoming the ‘New Normal’?
Author
Abstract
Suggested Citation
DOI: 10.1515/ev-2019-0021
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Lewis E. Hill & Charles E. Butler & Stephen A. Lorenzen, 1977. "Inflation and the Destruction of Democracy: The Case of the Weimar Republic," Journal of Economic Issues, Taylor & Francis Journals, vol. 11(2), pages 299-313, June.
- Ashoka Mody & Damiano Sandri, 2012.
"The eurozone crisis: how banks and sovereigns came to be joined at the hip [‘A pyrrhic victory? Bank bailouts and sovereign credit risk’],"
Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 27(70), pages 199-230.
- Mr. Damiano Sandri & Mr. Ashoka Mody, 2011. "The Eurozone Crisis: How Banks and Sovereigns Came to Be Joined At the Hip," IMF Working Papers 2011/269, International Monetary Fund.
- L. Wray, 2007.
"A Post Keynesian view of central bank independence, policy targets, and the rules versus discretion debate,"
Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 30(1), pages 119-141.
- L. Randall Wray, 2007. "A Post-Keynesian View of Central Bank Independence, Policy Targets, and the Rules-versus-Discretion Debate," Economics Working Paper Archive wp_510, Levy Economics Institute.
- Otmar Issing, 2017. "Central banks—are their reputations and independence under threat from overburdening?," International Finance, Wiley Blackwell, vol. 20(1), pages 92-99, March.
- Philippe Martin & Thomas Philippon, 2017.
"Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone,"
American Economic Review, American Economic Association, vol. 107(7), pages 1904-1937, July.
- Philippe Martin & Thomas Philippon, 2014. "Inspecting the Mechanism Leverage and the Great Recession in the Eurozone," SciencePo Working papers hal-03460217, HAL.
- Philippe Martin & Thomas Philippon, 2017. "Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone," Post-Print hal-03391984, HAL.
- Philippe Martin & Thomas Philippon, 2017. "Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone," SciencePo Working papers Main hal-03391984, HAL.
- Philippe Martin & Thomas Philippon, 2014. "Inspecting the Mechanism Leverage and the Great Recession in the Eurozone," SciencePo Working papers Main hal-03460217, HAL.
- Martin, Philippe & Philippon, Thomas, 2014. "Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone," CEPR Discussion Papers 10189, C.E.P.R. Discussion Papers.
- Philippe Martin & Thomas Philippon, 2014. "Inspecting the Mechanism Leverage and the Great Recession in the Eurozone," Working Papers hal-03460217, HAL.
- Philippe Martin & Thomas Philippon, 2014. "Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone," NBER Working Papers 20572, National Bureau of Economic Research, Inc.
- Arvind Krishnamurthy & Stefan Nagel & Annette Vissing-Jorgensen, 2018.
"ECB Policies Involving Government Bond Purchases: Impact and Channels [The “greatest” carry trade ever? Understanding eurozone bank risks],"
Review of Finance, European Finance Association, vol. 22(1), pages 1-44.
- Krishnamurthy, Arvind & Nagel, Stefan & Vissing-Jorgensen, Annette, 2017. "ECB Policies Involving Government Bond Purchases: Impact and Channels," Research Papers repec:ecl:stabus:3578, Stanford University, Graduate School of Business.
- Arvind Krishnamurthy & Stefan Nagel & Annette Vissing-Jorgensen, 2017. "ECB Policies Involving Government Bond Purchases: Impact and Channels," NBER Working Papers 23985, National Bureau of Economic Research, Inc.
- Nagel, Stefan & Vissing-Jørgensen, Annette & Krishnamurthy, Arvind, 2017. "ECB Policies Involving Government Bond Purchases: Impacts and Channels," CEPR Discussion Papers 12399, C.E.P.R. Discussion Papers.
- Mumtaz, Haroon & Theophilopoulou, Angeliki, 2017.
"The impact of monetary policy on inequality in the UK. An empirical analysis,"
European Economic Review, Elsevier, vol. 98(C), pages 410-423.
- Haroon Mumtaz & Angeliki Theophilopoulou, 2016. "The Impact of Monetary Policy on Inequality in the UK. An Empirical Analysis," Working Papers 783, Queen Mary University of London, School of Economics and Finance.
- Picault, Matthieu & Renault, Thomas, 2017.
"Words are not all created equal: A new measure of ECB communication,"
Journal of International Money and Finance, Elsevier, vol. 79(C), pages 136-156.
- Matthieu Picault & Thomas Renault, 2017. "Words are not all created equal: A new measure of ECB communication," Post-Print hal-03205121, HAL.
- Matthieu Picault & Thomas Renault, 2017. "Words are not all created equal: A new measure of ECB communication," Post-Print hal-03676646, HAL.
- Matthieu Picault & Thomas Renault, 2017. "Words are not all created equal: A new measure of ECB communication," Post-Print hal-03535202, HAL.
- Michele Lenza & Huw Pill & Lucrezia Reichlin, 2010.
"Monetary policy in exceptional times [Preventing deflation: Lessons from Japan’s experience in the 1990s],"
Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 25(62), pages 295-339.
- Lenza, Michele & Pill, Huw & Reichlin, Lucrezia, 2010. "Monetary policy in exceptional times," Working Paper Series 1253, European Central Bank.
- Reichlin, Lucrezia & Pill, Huw & Lenza, Michele, 2010. "Monetary policy in exceptional times," CEPR Discussion Papers 7669, C.E.P.R. Discussion Papers.
- Gibson, Heather D. & Hall, Stephen G. & Tavlas, George S., 2016.
"The effectiveness of the ECB's asset purchase programs of 2009 to 2012,"
Journal of Macroeconomics, Elsevier, vol. 47(PA), pages 45-57.
- Heather D. Gibson & Stephen G. Hall & George S. Tavlas, 2015. "The Effectiveness of the ECB’s Asset Purchase Programs of 2009 to 2012," Discussion Papers in Economics 15/24, Division of Economics, School of Business, University of Leicester.
- Heather D. Gibson & Stephen G. Hall & George S. Tavlas, 2015. "The Effectiveness of The ECB’s Asset Purchase Programs Of 2009 To 2012," Working Papers 199, Bank of Greece.
- Cesa-Bianchi, Ambrogio & Rebucci, Alessandro, 2017.
"Does easing monetary policy increase financial instability?,"
Journal of Financial Stability, Elsevier, vol. 30(C), pages 111-125.
- Ambrogio Cesa-Bianchi & Alessandro Rebucci, 2013. "Does Easing Monetary Policy Increase Financial Instability?," Research Department Publications 4825, Inter-American Development Bank, Research Department.
- Ambrogio Cesa-Bianchi & Alessandro Rebucci, 2016. "Does Easing Monetary Policy Increase Financial Instability?," NBER Working Papers 22283, National Bureau of Economic Research, Inc.
- Cesa-Bianchi, Ambrogio & Rebucci, Alessandro, 2015. "Does easing monetary policy increase financial instability?," Bank of England working papers 570, Bank of England.
- Ambrogio Cesa-Bianchi & Mr. Alessandro Rebucci, 2015. "Does Easing Monetary Policy Increase Financial Instability?," IMF Working Papers 2015/139, International Monetary Fund.
- Cesa-Bianchi, Ambrogio & Rebucci, Alessandro, 2013. "Does Easing Monetary Policy Increase Financial Instability?," IDB Publications (Working Papers) 4213, Inter-American Development Bank.
- Bernd Hayo & Pierre-Guillaume Méon, 2013.
"Behind closed doors: Revealing the ECB’s decision rule,"
Post-Print CEB, ULB -- Universite Libre de Bruxelles, vol. 37, pages 135-160, October.
- Hayo, Bernd & Méon, Pierre-Guillaume, 2013. "Behind closed doors: Revealing the ECB's decision rule," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 135-160.
- Bernd Hayo & Pierre-Guillaume Méon, 2011. "Behind closed doors: Revealing the ECB’s Decision Rule," MAGKS Papers on Economics 201135, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
- Bernd Hayo & Pierre-Guillaume Méon, 2013. "Behind closed doors: Revealing the ECB’s Decision Rule," Working Papers CEB 13-025, ULB -- Universite Libre de Bruxelles.
- Bernd Hayo & Pierre-Guillaume Méon, 2013. "Behind closed doors: Revealing the ECB’s decision rule," ULB Institutional Repository 2013/163529, ULB -- Universite Libre de Bruxelles.
- Bernd Hayo & Stefan Voigt, 2008.
"Inflation, Central Bank Independence, and the Legal System,"
Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 164(4), pages 751-777, December.
- Bernd Hayo & Stefan Voigt, 2005. "Inflation, Central Bank Independence and the Legal System," ICER Working Papers 02-2005, ICER - International Centre for Economic Research.
- Bernd Hayo & Stefan Voigt, 2005. "Inflation, Central Bank Independence and the Legal System," Money Macro and Finance (MMF) Research Group Conference 2005 57, Money Macro and Finance Research Group.
- Saka, Orkun & Fuertes, Ana-Maria & Kalotychou, Elena, 2015.
"ECB policy and Eurozone fragility: Was De Grauwe right?,"
Journal of International Money and Finance, Elsevier, vol. 54(C), pages 168-185.
- Fuertes, Ana-Maria & Kalotychou, Elena & Saka, Orkun, 2014. "ECB Policy and Eurozone Fragility: Was De Grauwe Right?," CEPS Papers 9414, Centre for European Policy Studies.
- Mas, Ignacio, 1995. "Central bank independence: A critical view from a developing country perspective," World Development, Elsevier, vol. 23(10), pages 1639-1652, October.
- Apostolos Serletis, 2006.
"Random Walks, Breaking Trend Functions, and the Chaotic Structure of the Velocity of Money,"
World Scientific Book Chapters, in: Money And The Economy, chapter 6, pages 119-130,
World Scientific Publishing Co. Pte. Ltd..
- Serletis, Apostolos, 1995. "Random Walks, Breaking Trend Functions, and the Chaotic Structure of the Velocity of Money," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(4), pages 453-458, October.
- Stephan Kohns, 2017. "Monetary Policy and Financial Stability," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(1), pages 17-18, 04.
- Milton Friedman, 1961. "The Lag in Effect of Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 69(5), pages 447-447.
- repec:ces:ifodic:v:15:y:2017:i:1:p:19307486 is not listed on IDEAS
- Falagiarda, Matteo & Reitz, Stefan, 2015. "Announcements of ECB unconventional programs: Implications for the sovereign spreads of stressed euro area countries," Journal of International Money and Finance, Elsevier, vol. 53(C), pages 276-295.
- Soliman, A. S., 1996. "Transitions from stable equilibrium points to periodic cycles to chaos in a phillips curve system," Journal of Macroeconomics, Elsevier, vol. 18(1), pages 139-153.
- DeCoster, Gregory P & Mitchell, Douglas W, 1991. "Nonlinear Monetary Dynamics," Journal of Business & Economic Statistics, American Statistical Association, vol. 9(4), pages 455-461, October.
- Juan A. Montecino & Gerald Epstein, 2015. "Did Quantitative Easing Increase Income Inequality?," Working Papers Series 28, Institute for New Economic Thinking.
- Cancelo, José Ramón & Varela, Diego & Sánchez-Santos, José Manuel, 2011. "Interest rate setting at the ECB: Individual preferences and collective decision making," Journal of Policy Modeling, Elsevier, vol. 33(6), pages 804-820.
- Hartwell, Christopher A., 2019. "Short waves in Hungary, 1923 and 1946: Persistence, chaos, and (lack of) control," Journal of Economic Behavior & Organization, Elsevier, vol. 163(C), pages 532-550.
- Matthieu Picault & Thomas Renault, 2017. "Words are not all created equal: A new measure of ECB communication," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03205121, HAL.
- Stephen Cecchetti & Mr. Tommaso Mancini-Griffoli & Mr. Machiko Narita, 2017. "Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?," IMF Working Papers 2017/065, International Monetary Fund.
- van Riel, Arthur & Schram, Arthur, 1993. "Weimar Economic Decline, Nazi Economic Recovery, and the Stabilization of Political Dictatorship," The Journal of Economic History, Cambridge University Press, vol. 53(1), pages 71-105, March.
- repec:hal:spmain:info:hdl:2441/59bp0vqv2b8k7a185vg2hert9v is not listed on IDEAS
- Jäger, Jannik & Grigoriadis, Theocharis, 2017. "The effectiveness of the ECB’s unconventional monetary policy: Comparative evidence from crisis and non-crisis Euro-area countries," Journal of International Money and Finance, Elsevier, vol. 78(C), pages 21-43.
- Eser, Fabian & Schwaab, Bernd, 2016. "Evaluating the impact of unconventional monetary policy measures: Empirical evidence from the ECB׳s Securities Markets Programme," Journal of Financial Economics, Elsevier, vol. 119(1), pages 147-167.
- Urszula Szczerbowicz, 2015.
"The ECB Unconventional Monetary Policies: Have They Lowered Market Borrowing Costs for Banks and Governments?,"
International Journal of Central Banking, International Journal of Central Banking, vol. 11(4), pages 91-127, December.
- Urszula Szczerbowicz, 2012. "The ECB Unconventional Monetary Policies: Have They Lowered Market Borrowing Costs for Banks and Governments?," Working Papers 2012-36, CEPII research center.
- SZCZERBOWICZ, Urszula, 2014. "The ECB's Unconventional Monetary Policies: Have they lowered market borrowing costs for banks and governments?," Discussion papers 14008, Research Institute of Economy, Trade and Industry (RIETI).
- Stephan Kohns, 2017. "Monetary Policy and Financial Stability," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(01), pages 17-18, April.
- Koyama, Mark & Johnson, Blake, 2015. "Monetary stability and the rule of law," Journal of Financial Stability, Elsevier, vol. 17(C), pages 46-58.
- Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Hartmann, Philipp & Smets, Frank, 2018.
"The first twenty years of the European Central Bank: monetary policy,"
Working Paper Series
2219, European Central Bank.
- Hartmann, Philipp & Smets, Frank, 2018. "The first twenty years of the European Central Bank: monetary policy," CEPR Discussion Papers 13411, C.E.P.R. Discussion Papers.
- Rostagno, Massimo & Altavilla, Carlo & Carboni, Giacomo & Lemke, Wolfgang & Motto, Roberto & Saint Guilhem, Arthur & Yiangou, Jonathan, 2019. "A tale of two decades: the ECB’s monetary policy at 20," Working Paper Series 2346, European Central Bank.
- Carsten M. Stann & Theocharis N. Grigoriadis, 2020. "Monetary Policy Transmission to Russia and Eastern Europe," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(2), pages 303-353, June.
- Philipp Hartman & Frank Smets, 2018. "The European Central Bank’s Monetary Policy during Its First 20 Years," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 49(2 (Fall)), pages 1-146.
- Ortmans, Aymeric & Tripier, Fabien, 2021. "COVID-induced sovereign risk in the euro area: When did the ECB stop the spread?," European Economic Review, Elsevier, vol. 137(C).
- Ashoka Mody & Milan Nedeljkovic, 2018. "Central Bank Policies and Financial Markets: Lessons from the Euro Crisis," Working Papers 253, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Jäger, Jannik & Grigoriadis, Theocharis, 2017. "The effectiveness of the ECB’s unconventional monetary policy: Comparative evidence from crisis and non-crisis Euro-area countries," Journal of International Money and Finance, Elsevier, vol. 78(C), pages 21-43.
- Ashoka Mody & Milan Nedeljkovic, 2018. "Central Bank Policies and Financial Markets: Lessons from the Euro Crisis," CESifo Working Paper Series 7400, CESifo.
- Hartwell, Christopher A., 2019. "Short waves in Hungary, 1923 and 1946: Persistence, chaos, and (lack of) control," Journal of Economic Behavior & Organization, Elsevier, vol. 163(C), pages 532-550.
- Aymeric Ortmans & Fabien Tripier, 2020. "COVID-Induced Sovereign Risk in the Euro Area: When Did the ECB Stop the Contagion?," Working Papers 2020-11, CEPII research center.
- Motto, Roberto & Özen, Kadir, 2022. "Market-stabilization QE," Working Paper Series 2640, European Central Bank.
- Agur, Itai & Demertzis, Maria, 2019.
"Will macroprudential policy counteract monetary policy’s effects on financial stability?,"
The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 65-75.
- Mr. Itai Agur & Ms. Maria Demertzis, 2015. "Will Macroprudential Policy Counteract Monetary Policy’s Effects on Financial Stability?," IMF Working Papers 2015/283, International Monetary Fund.
- Itai Agur & Maria Demertzis, 2018. "Will macroprudential policy counteract monetary policy’s effects on financial stability?," Working Papers 23907, Bruegel.
- Niels Gilbert, 2019. "Euro area sovereign risk spillovers before and after the ECB's OMT announcement," DNB Working Papers 636, Netherlands Central Bank, Research Department.
- Gómez-Puig, Marta & Pieterse-Bloem, Mary & Sosvilla-Rivero, Simón, 2023. "Dynamic connectedness between credit and liquidity risks in euro area sovereign debt markets," Journal of Multinational Financial Management, Elsevier, vol. 68(C).
- repec:prs:ecstat:estat_0336-1454_2017_num_494_1_10781 is not listed on IDEAS
- Chiara Perillo & Stefano Battiston, 2020. "Financialization and unconventional monetary policy: a financial-network analysis," Journal of Evolutionary Economics, Springer, vol. 30(5), pages 1385-1428, November.
- Beaupain, Renaud & Girard, Alexandre, 2020.
"The value of understanding central bank communication,"
Economic Modelling, Elsevier, vol. 85(C), pages 154-165.
- Renaud Beaupain & Alexandre Girard, 2020. "The value of understanding central bank communication," Post-Print hal-02509297, HAL.
- Andreas Beyer & Benoît Coeuré & Caterina Mendicino, 2017. "Foreword – The crisis, ten years after: Lessons learnt for monetary and financial research," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 494-495-4, pages 45-64.
- Christophe Blot & Paul Hubert & Jérôme Creel & Caroline Bozou, 2023.
"The conditionality of monetary policy instruments,"
Working Papers
hal-04159848, HAL.
- Christophe Blot & Paul Hubert & Jérôme Creel & Caroline Bozou, 2023. "The conditionality of monetary policy instruments," EconomiX Working Papers 2023-15, University of Paris Nanterre, EconomiX.
- Jäger, Jannik & Grigoriadis, Theocharis, 2016. "Soft budget constraints, European Central Banking and the financial crisis," Discussion Papers 2016/7, Free University Berlin, School of Business & Economics.
- Hartwell, Christopher A., 2018. "The “Hierarchy of Institutions” reconsidered: Monetary policy and its effect on the rule of law in interwar Poland," Explorations in Economic History, Elsevier, vol. 68(C), pages 37-70.
More about this item
Keywords
complexity; euro; European Central Bank; monetary policy;All these keywords.
JEL classification:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F15 - International Economics - - Trade - - - Economic Integration
- F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:evoice:v:16:y:2019:i:1:p:13:n:8. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.