SMP: Unintended Consequences of Monetary Policy Part II: ECB

La segunda parte de nuestro post, junto a Andreas Hoffmann, sobre las consecuencias no intencionadas de la política monetaria. En este caso sobre el Banco Central Europea (ECB).

The Federal Reserve’s (Fed) and European Central Bank’s (ECB) policy responses to the recent financial disasters offer two tales of unintended consequences. Our previous post outlined the undesired effects of the Fed’s policies. In this post, we suggest that the ECB’s stabilization policies did not only fail to achieve its goals. Monetary policy has also hampered the structural adjustment of the European economy and prolonged the crisis.

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