This Time is Different: The PEPP Might Not Work in a Sectoral Recession
Detaljna analiza
30-09-2020
The COVID-19 recession is different from previous downturns because it originates in demand and supply disturbances which are highly specific to certain sectors (contact-intensive services). This sectoral nature renders aggregate demand policies, including monetary policy, much less effective. The PEPP was essential to prevent a financial crisis in the Spring of 2020; but there is no need to increase its size. In a sectoral recession, one should not expect much impact from central bank bond buying on inflation. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Detaljna analiza
Vanjski autor
Angela CAPOLONGO, Daniel GROS
Informacije o dokumentu
Vrsta publikacije
Ključna riječ
- bolest uzrokovana koronavirusom
- dokumentacija
- DRUŠTVENA PITANJA
- EKONOMIJA
- ekonomska analiza
- ekonomska posljedica
- ekonomska recesija
- ekonomski oporavak
- epidemija
- Europska središnja banka
- EUROPSKA UNIJA
- Euroskupina (područje eura)
- FINANCIJE
- gospodarsko stanje
- INDUSTRIJA
- industrijska politika EU-a
- industrijsko ustrojstvo i politika
- institucije EU-a i europska javna služba
- izvješće o rezultatima istraživanja
- jedinstvena monetarna politika
- monetarna ekonomija
- monetarni odnosi
- OBRAZOVANJE I KOMUNIKACIJE
- odbor Europskoga parlamenta
- zdravlje