Why was the ECB’s reaction to Covid-19 crisis faster than after the 2008 financial crash?
| Autor: | Pierluigi Morelli, Elena Seghezza |
|---|---|
| Rok vydání: | 2021 |
| Předmět: |
Finance
Economics and Econometrics 2019-20 coronavirus outbreak 050208 finance Coronavirus disease 2019 (COVID-19) business.industry Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) media_common.quotation_subject 05 social sciences Crash Monetary policy transmission Sovereignty Central bank 0502 economics and business Economics 050207 economics business Gradualism media_common |
| Zdroj: | Journal of Policy Modeling |
| ISSN: | 0161-8938 |
| DOI: | 10.1016/j.jpolmod.2020.12.002 |
| Popis: | At the time of the financial crises of 2008 and 2010–11 the ECB reacted with an extremely cautious gradualism. This behaviour is attributable to the slower learning process that characterizes a central bank of a monetary union composed of countries with fiscal sovereignty compared to other central banks. In sharp contrast to the previous crises, the ECB reacted promptly to the COVID-19 crisis. This change in behaviour is explained here by the learning process about the effects on monetary policy transmission of the increased financial fragmentation of the eurozone over the last decade. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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