ECB policies [What Think Tanks are thinking]

Written by Marcin Grajewski,

The European Central Bank is pushing ahead with its monetary stimulus programme, which was launched more than two years ago to counter deflationary pressures in the euro zone economy, and to strengthen then fragile economic growth. Some economists and politicians say the time is becoming ripe for the ECB to taper the scheme, which involves monthly purchases of government and corporate bonds worth some 60 billion euro, as the deflationary threat is disappearing and economic activity picks up. The ECB has assumed greater supervisory responsibilities under euro-area governance reforms aimed at preventing any repeat of the 2008-09 financial crisis. Its role could be reviewed during the expected next wave of reforms that would deepen cooperation among the currency area’s members. This note offers a selection of recent studies, reports and commentaries by some of the major international think tanks and research institutes on ECB policy. More studies on the subject can be found in a previous edition of ‘What Think Tanks are thinking’. An opportunity to streamline the European Union’s financial regulatory architecture Peterson Institute for International Economics, April 2017 The next step in Europe’s negative interest-rate experiment Ludwig Von Mises Institute, April 2017 Has the Fed become more accommodative than the ECB and BoJ? Council on Foreign Relations, April 2017 Central bank communication in a low interest-rate environment Bruegel, March 2017 Why was the last TLTRO take-up unexpectedly high? Bruegel, March 2017 Fundamental uncertainty and unconventional monetary policy: An info-gap approach Bruegel, February 2017 Inflation’s comeback Bruegel, February 2017 External monetary shocks to Central and Eastern European countries Centre d’Etudes et de Recherches sur le Développement International, February 2017 The inflation targeting debate Deutsches Institut für Wirtschaftsforschung, January 2017 The natural rate of interest and secular stagnation Deutsches Institut für Wirtschaftsforschung, January 2017 The natural rate of interest I: Theory Deutsches Institut für Wirtschaftsforschung, January 2017 The natural rate of interest II: Empirical overview Deutsches Institut für Wirtschaftsforschung, January 2017 Money supply and inflation in Europe: Is there still a connection? Institut der deutschen Wirtschaft Köln, December 2016 Der verspätete Aktivismus der EZB: Zwischen Hoffnung und Verzweiflung Friedrich Ebert Stiftung, December 2016 ECB finally addressing Italian bank woes Peterson Institute for International Economics, December 2016 ECB must apply ‘forward guidance’ carefully Cato Institute, December 2016 What impact does the ECB’s quantitative easing policy have on bank profitability? Bruegel, November 2016 Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing Max Planck Institut für Gesellschaftsforschung, October 2016 The evolution of US and European monetary policy after Bretton Woods: A historical overview and lessons for the future Chatham House, September 2016 Ultra-low or negative yields on euro-area long-term bonds: Causes and implications for monetary policy Centre for European Policy Studies, September 2016 The European Capital Markets Union project, the Euro crisis and the ECB as ‘macroeconomic stabilizer of last resort’ Foundation for European Progressive Studies, September 2016 Re-vitalizing money demand in the euro area: Still valid at the zero lower bound Zentrum für Europäische Wirtschaftsforschung, September 2016 The state of advanced economies and related policy debates: A fall 2016 assessment Peterson Institute for International Economics, September 2016 The financial consequences of Mr Draghi? Foundation for European Progressive Studies, September 2016 Monetary policy and prudential regulation in Europe Fundación para el análisis y los estudios sociales, September 2017 The euro area crisis: A short history Bertelsmann Stiftung, Jacques Delors Institute Berlin, September 2016 Die Europäische Zentralbank als politischer Akteur in der Eurokrise Stiftung Wissenschaft und Politik, July 2016 Post crisis central bank unconventional policies and financialised transmission channels Foundation for European Progressive Studies, July 2016 Negative rates and seigniorage turning the central bank business model upside down? The special case of the ECB Centre for European Policy Studies, July 2016 Effectiveness of the ECB programme of asset purchases: Where do we stand? Deutsches Institut für Wirtschaftsforschung, June 2016 The European Central Bank’s QE: A new hope IFo Institute, June 2016 The effectiveness of the European Central Bank’s asset purchase programme Bruegel, June 2016 European banking supervision: The first eighteen months Bruegel, June 2016 Forgotten lessons for the eurozone Egmont, May 2016 Lessons for the euro from early US monetary and financial history Bruegel, May 2016 Financial populism in Germany LUISS School of European Political Economy, May 2016 Until when will the US and the euro-area be awash with central bank liquidity? LUISS School of European Political Economy, May 2016 Lost in translation? ECB’s monetary impulses and financial intermediaries’ responses Sustainable Architecture for Finance in Europe, April 2016 La BCE veut sauver l’Europe Institut Thomas More, March 2017