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The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks

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  4. Vol. 51, Issue 4
  5. pp. 513–560

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Neri, S., Siviero, S. The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks. Credit and Capital Markets – Kredit und Kapital, 51(4), 513-560. https://doi.org/10.3790/ccm.51.4.513
Neri, Stefano and Siviero, Stefano "The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks" Credit and Capital Markets – Kredit und Kapital 51.4, 2018, 513-560. https://doi.org/10.3790/ccm.51.4.513
Neri, Stefano/Siviero, Stefano (2018): The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks, in: Credit and Capital Markets – Kredit und Kapital, vol. 51, iss. 4, 513-560, [online] https://doi.org/10.3790/ccm.51.4.513
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The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks

Neri, Stefano | Siviero, Stefano

Credit and Capital Markets – Kredit und Kapital, Vol. 51 (2018), Iss. 4 : pp. 513–560

11 Citations (CrossRef)

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Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.51.4.513
Language
English
Pages
48
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Author Details

Bank of Italy, Economic Outlook and Monetary Policy Directorate. E-mail: stefano.neri@bancaditalia.it

Bank of Italy, Economic Outlook and Monetary Policy Directorate. E-mail: stefano.siviero@bancaditalia.it

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Abstract

Dieser Beitrag untersucht die Herausforderungen, vor denen die Europäische Zentralbank seit dem Ausbruch der globalen Finanzkrise steht. Von 2008 bis 2014 hat die Notwendigkeit, das ordnungsgemäße Funktionieren des geldpolitischen Transmissionsmechanismus zu wahren und die Kreditversorgung des privaten Sektors sicherzustellen, die Grenzen der konventionellen Geldpolitik überschritten. Im Jahr 2015 führte das Deflationsrisiko dazu, dass die EZB ein groß angelegtes Anleihenkaufprogramm aufnahm. Die vorliegende Analyse basiert im Wesentlichen auf einer Überprüfung der zahlreichen Studien, welche die Mitarbeiter der Banca d‘Italia zu den Faktoren erstellt haben. Diese Faktoren haben einerseits die Inflation 2014 auf ein beispiellos niedriges Niveau gebracht und andererseits Auswirkungen auf das Programm zum Ankauf von Vermögenswerten zur Folge gehabt.

Table of Contents

Section Title Page Action Price
Stefano Neri / Stefano Siviero: The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks 1

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