Money Monetary Policy

Download e-book for kindle: A Financial Crisis Manual: Reflections and the Road Ahead by Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I.

By Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos

ISBN-10: 113744830X

ISBN-13: 9781137448309

ISBN-10: 1349552321

ISBN-13: 9781349552320

This e-book offers an intensive review of the hot monetary quandary from the point of view of either practitioners and lecturers specialising within the area.

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Additional resources for A Financial Crisis Manual: Reflections and the Road Ahead

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It is critical for European policy makers to offer a demand impulse and use both monetary as well as fiscal tools to achieve this. Fiscal adjustment has to take a back seat at the same time as structural reforms boost longterm growth potential while upsetting current vested interest structures at all levels. External demand has to be supported by a weaker currency and the most effective and immediate way to achieve this in the near term is via monetary accommodation. Markets were already discounting this prospect before the ECB formally announced its quantitative easing 16 Inachos Lazos program and as a result compressed euro yields to record lows.

Obvious or not, there is not a great degree of variation to the policy prescription that leads to recovery. Now, as ever, it rests firmly in the hands of policy makers to create the conditions for – and to steer the private economy into – a positive future trajectory: their actions my well determine the success or the failure of the common currency area. 5 Policy response to the Great Recession The response to the crisis in the United States was comprehensive, frontloaded and overwhelming. It should be certain that breaking an acute deflationary shock requires as much in principle.

Consequently, the true binding constraint, which is no other than nominal growth, is manifesting itself both via substantial inflation undershoot as well as real growth hysteresis. Clearly, post-crisis is not where the Eurozone is. By contrast, it can be argued that the euro area economy is right in the middle of an existential crisis, which from acute has now become chronic. This is because policy inadequacy thus far will have to be overcompensated in the future by actions that may challenge even further the Eurozone institutional infrastructure, at both local as well as supranational level.

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A Financial Crisis Manual: Reflections and the Road Ahead by Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos

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