The great expansionary policies undertaken by the main central banks of the world since the outbreak of the world financial and economic crisis in 2008 did not produce a satisfying recovery of the real economy especia...The great expansionary policies undertaken by the main central banks of the world since the outbreak of the world financial and economic crisis in 2008 did not produce a satisfying recovery of the real economy especially in Europe. In order to identify the causes of this failure, it became necessary to deepen the analysis of the transmission mechanism of monetary policy, and to investigate if there are some obstacles hampering the functioning of this mechanism. The scope of the present papers to analyze some short comings of the transmission mechanism of the monetary policy is conducted by the European Central Bank （ECB） in the euro area. After a close examination of the relationship between the monetary base and the supply of money, transmission through the credit channel and through the interestrate channel will be taken into consideration. The analysis shows that loans to nonfinancial corporations were not affected by the huge amount of liquidity created by the ECB, while a very slow growth is shown by loans to private households during the whole period.展开更多
文摘The great expansionary policies undertaken by the main central banks of the world since the outbreak of the world financial and economic crisis in 2008 did not produce a satisfying recovery of the real economy especially in Europe. In order to identify the causes of this failure, it became necessary to deepen the analysis of the transmission mechanism of monetary policy, and to investigate if there are some obstacles hampering the functioning of this mechanism. The scope of the present papers to analyze some short comings of the transmission mechanism of the monetary policy is conducted by the European Central Bank （ECB） in the euro area. After a close examination of the relationship between the monetary base and the supply of money, transmission through the credit channel and through the interestrate channel will be taken into consideration. The analysis shows that loans to nonfinancial corporations were not affected by the huge amount of liquidity created by the ECB, while a very slow growth is shown by loans to private households during the whole period.
