Cristophe Blot, Caroline Bozou, Jérôme Creel

Monetary policy during the pandemic: fit for purpose?

  • Abstract

Informations and abstract

Keywords: monetary policy, asset prices, intermediate objectives

We review the ECB measures since the start of the COVID-19 crisis, i.e. the extension of APP and the introduction of PEPP. We show that APP announcements have helped steer inflation expectations upward. We also show that PEPP has alleviated fragmentation risk. Finally, we show that since the mid-2000s, ECB measures have had real effects on euro area unemployment rates, nominal effects on inflation rates and financial effects on banking stability.

Trova nel catalogo di Worldcat

Article first page

Article first page