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ECB Policy Responses between 2007 and 2014: A Chronological Analysis and an Assessment of Their Effects

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  • Carlos Rodríguez
  • Carlos A. Carrasco

Abstract

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. Key words: ECB, Unconventional monetary policy, Money multiplier, Monetary aggregates, European crises.JEL: E52, E58, F15, N14.

Suggested Citation

  • Carlos Rodríguez & Carlos A. Carrasco, 2016. "ECB Policy Responses between 2007 and 2014: A Chronological Analysis and an Assessment of Their Effects," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(4), pages 455-473.
    • Handle: RePEc:voj:journl:v:63:y:2016:i:4:p:455-473:id:36
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    Keywords

    ECB; Unconventional monetary policy; Money multiplier; Monetary aggregates; European crises;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F15 - International Economics - - Trade - - - Economic Integration
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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