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The ECB During the Financial Crisis. Not so Unconventional!

机译：金融危机期间的欧洲央行。并非如此非常规！

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The European Central Bank's balance sheet has expanded notably, without banks granting more credit, and the overnight interest rate has stayed close to the deposit facility level for long periods of time since the onset of the financial crisis. This appears to go against the logic implicit in the post-Keynesian Horizontalist approach to monetary macroeconomics, which links reserves to credit and holds that a central bank accommodates the demand for reserves in order to control the overnight interest rate. In this article, we analyze the monetary policy implemented by the ECB since the third quarter of 2008, with a view to studying its implications for monetary theory, concluding that this approach can still explain much of what has happened in the Euro Zone in the last troubled years, despite paradoxically, there being excess reserves and simultaneously accepting that reserves are demand led, and that the ECB has lent them at the official rate while the overnight interest rate has been close to the deposit facility rate. Further, this analysis reveals that mainstream monetary theory has not been very useful, because neither the link between reserves and loans nor the relation between reserves and inflation have worked. This leads us to believe that some transmission channels of the monetary policy implemented by the ECB since late 2014, which can be deemed unconventional, will not perform well.
机译：欧洲央行的资产负债表显着扩大，没有银行给予更多的信贷，而且隔夜利率自金融危机爆发以来已长期保持接近存款工具水平。这似乎违背了后凯恩斯主义的水平主义货币宏观经济学方法所隐含的逻辑，该方法将储备与信贷联系起来，并认为中央银行满足了储备需求以控制隔夜利率。在本文中，我们分析了欧洲央行自2008年第三季度以来实施的货币政策，以期研究其对货币理论的影响，认为该方法仍可以解释欧元区最近发生的大部分变化。在陷入困境的几年中，尽管自相矛盾的是，仍有超额准备金，但同时也接受了储备是需求主导的，并且欧洲央行已以官方利率贷出了储备，而隔夜利率已接近存款便利利率。此外，该分析表明，主流货币理论并不是很有用，因为储备和贷款之间的联系以及储备与通货膨胀之间的关系都没有起作用。这使我们相信，欧洲央行自2014年末以来实施的货币政策的某些传导渠道，可能被认为是非常规的，表现将不佳。

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  • 来源
    《Metroeconomica》 |2015年第4期|715-739|共25页
  • 作者

    Febrero Eladio; Uxo Jorge; Dejuan Oscar;

  • 作者单位

    Univ Castilla La Mancha, Fac Social Sci, Dept Econ & Finance, Cuenca 16071, Spain;

    Univ Castilla La Mancha, Fac Social Sci, Dept Econ & Finance, Talavera De La Reina 45600, Spain;

    Univ Castilla La Mancha, Fac Econ & Business Adm, Dept Econ & Finance, Albacete 02071, Spain;

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