Free DP Download 2 January 2019: The first twenty years of the European Central Bank: monetary policy

Thursday, January 3, 2019

TWENTY YEARS OF THE EUROAs Europe’s common currency turns 20, top economists at the European Central Bank (ECB) provide a comprehensive ‘inside’ view of Eurozone monetary policy over the past two decades in a new CEPR study.

One of the main themes of the analysis by Philipp Hartmann and Frank Smets is how ECB monetary policy responded to the challenges posed by Europe’s twin crises and the subsequent slow economic recovery, making use of its relatively wide range of instruments, defining new ones where necessary and developing the strategic underpinnings of its policy framework.

The first twenty years of the European Central Bank: monetary policy (CEPR DP No. 13411)
Philipp Hartmann and Frank Smets

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