Skip to Main content Skip to Navigation
Journal articles

Proposals for a policy mix in the euro area: Chapter 3

Abstract : 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).
Document type :
Journal articles
Complete list of metadata

https://hal-sciencespo.archives-ouvertes.fr/hal-03604795
Contributor : Spire Sciences Po Institutional Repository Connect in order to contact the contributor
Submitted on : Thursday, March 10, 2022 - 4:04:53 PM
Last modification on : Tuesday, May 10, 2022 - 11:44:03 AM

File

12-2016-feigl-macro-economic-t...
Publisher files allowed on an open archive

Identifiers

Citation

Georg Feigl, Markus Marterbauer, Miriam Rehm, Matthias Schnetzer, Sepp Zuckerstätter, et al.. Proposals for a policy mix in the euro area: Chapter 3. Revue de l'OFCE, Presses de Sciences Po, 2016, pp.91-127. ⟨hal-03604795⟩

Share

Metrics

Record views

18

Files downloads

10