Fiche du document
- handle: 10670/1.72izvj
- hal: hal-03604795
- SCIENCESPO: 2441/507k5irkeb8dsr5lfban5c9lgb
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/hdl/2441/507k5irkeb8dsr5lfban5c9lgb
info:eu-repo/semantics/OpenAccess
Citer ce document
Georg Feigl et al., « Proposals for a policy mix in the euro area: Chapter 3 », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.72izvj
Métriques
Partage / Export
Résumé
Since 2009, central banks have implemented expansionary policies to support activity and prevent industrialized economies from falling into deflation. In a recessionary environment, policy rates reached an effective lower bound (ELB) which has led central banks to resort to unconventional measures. These policieshave resulted in an expansion of their balance sheets, reflecting liquidities provided by central banks to the financial system and asset purchases. These actions have raised many questions about their impact on real activity because recovery has been weak in the Eurozone, notably compared to the United States and the United Kingdom (see chapter 1). In the following, we focus on ECB policies’ impact on investment (section a) and on the impact of credit conditions on investment (section b). Questions have also been raised concerning the possible responsibility of monetary policy in generating financial bubbles (section c). The end of QE finally raises the issue of next engine of growth for the euro area (section d).