TY  - BOOK
AU  - Smets,Frank
TI  - Why have policy rates been so persistently low in the euro area?
PY  - 2022///.
							
N1  - 76
N2  - 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% ?
UR  - https://shs.cairn.info/journal-revue-d-economie-financiere-2021-4-page-41?lang=en&redirect-ssocas=7080
ER  -