Why have policy rates been so persistently low in the euro area?
Type de matériel :
TexteLangue : français Détails de publication : 2022.
Sujet(s) : Ressources en ligne : Abrégé : Short-term rates have been negative in the eurozone since 2014. This paper demonstrates that the central bank has been constrained in its responses to a disinflationary environment after the financial crisis. The ECB’s new strategy, adopted in July 2021, emphasizes a disinflation control objective. Will interest rates, which are in fact directed by the ECB, be able to evolve naturally at a level consistent with potential growth and the inflation target of around 2% ?
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Short-term rates have been negative in the eurozone since 2014. This paper demonstrates that the central bank has been constrained in its responses to a disinflationary environment after the financial crisis. The ECB’s new strategy, adopted in July 2021, emphasizes a disinflation control objective. Will interest rates, which are in fact directed by the ECB, be able to evolve naturally at a level consistent with potential growth and the inflation target of around 2% ?
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