Proposals for a policy mix in the euro area

Georg Feigl, Markus Marterbauer, Miriam Rehm, Matthias Schnetzer, Sepp Zuckerstätter, Lars Nørvang Andersen, Thea Nissen, Signe Dahl, Peter Hohlfeld, Benjamin Lojak, Thomas Theobald, Achim Truger, Andrew Watt, Guillaume Allègre (), Céline Antonin, Christophe Blot (), Jerome Creel, Bruno Ducoudré, Paul Hubert, Sabine Lebayon, Sandrine Levasseur, Hélène Périvier (), Raul Sampognaro (), Aurélien Saussay (), Vincent Touzé and Sébastien Villemot
Additional contact information
Lars Nørvang Andersen: Aarhus University [Aarhus]
Christophe Blot: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Hélène Périvier: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Raul Sampognaro: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Aurélien Saussay: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

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Abstract: 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 policies have 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).

Keywords: Investment; Policy Mix; Monetary Policy; Credit (search for similar items in EconPapers)
Date: 2016-12
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03604795
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Published in Revue de l'OFCE, 2016, IAGS 2017, pp.91-127

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Working Paper: Proposals for a policy mix in the euro area (2016)
Working Paper: Proposals for a policy mix in the euro area (2016)
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