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首页> 外文期刊>Oxford Review of Economic Policy >The ECB's non-standard monetary policy measures: the role of institutional factors and financial structure
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The ECB's non-standard monetary policy measures: the role of institutional factors and financial structure

机译：欧洲央行的非标准货币政策措施：制度因素和金融结构的作用

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This paper aims to make two contributions: to review the ECB's non-standard monetary policy measures in response to the financial and sovereign debt crisis against the background of the institutional framework and financial structure of the euro area; and to interpret this response from a flow-of-funds perspective. The paper highlights how the ECB's non-standard measures are motivated differently from quantitative easing policies. As a complement to standard interest rate decisions, rather than a substitute, they aim at supporting their effective transmission to the economy rather than at delivering additional monetary stimulus directly. The flow-of-funds analysis proposes an interpretation of central banks' crisis response as reflecting their capacity to act as the 'ultimate sector' that can take on leverage when other sectors are under pressure to deleverage. It also provides examples for tracing the impact of non-standard measures across different sectors and markets.
机译：本文旨在做出两点贡献：在欧元区的体制框架和金融结构背景下，回顾欧洲央行针对金融和主权债务危机的非标准货币政策措施；并从资金流的角度解释这种反应。该论文强调了欧洲央行非标准措施的动机与量化宽松政策的动机不同。它们是对标准利率决定的补充而不是替代，旨在支持有效地向经济传导，而不是直接提供额外的货币刺激。资金流量分析提出了对中央银行危机应对的一种解释，反映了中央银行作为“最终部门”的能力，当其他部门承受去杠杆化的压力时，这些部门可以发挥杠杆作用。它还提供了一些示例，以追踪非标准措施对不同行业和市场的影响。

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