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

ABSTRACT:

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 annalisa.cristini@unibg.it