Side effects of non-standard monetary policy: How long is the short-run?
In the short- to medium-run, non-standard monetary policy helps to stimulate the economy and stabilize financial markets. However, it is also widely acknowledged that side effects tend to materialize in the medium- to long-run. Thus, the time dimension is a crucial factor in assessing the riskiness of this policy approach. For the February 2017 session of the Monetary Dialogue, the Committee on Economic and Monetary Affairs (ECON) of the EP has requested a set of briefings to key monetary experts to address the side effects of non-standard monetary policy. Particular attention is given to the possibility that the ECB expansionary monetary policy may have contributed to the slowdown in labour productivity growth experienced by several member countries after the global financial crisis.
Analyse approfondie
Auteur externe
Michael HACHULA, Michele PIFFER, Malte RIETH (DIW Berlin), Roman HORVATH (CASE, Center for Social and Economic Research), Daniel GROS (CEPS, Centre for European Policy Studies)
À propos de ce document
Type de publication
Domaine politique
Mot-clé
- Banque centrale européenne
- comptabilité nationale
- conditions et organisation du travail
- EMPLOI ET TRAVAIL
- euro
- financement à court terme
- FINANCES
- GÉOGRAPHIE
- géographie économique
- institutions de l'Union européenne et fonction publique européenne
- institutions financières et crédit
- intérêt
- investissement
- investissement et financement
- politique monétaire
- politique économique
- politique économique
- productivité du travail
- produit intérieur brut
- relations monétaires
- UNION EUROPÉENNE
- ÉCONOMIE
- économie monétaire
- épargne
- État membre UE