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866. An ECB’s Staff Narrative of Two Decades of European Central Banking: a critical review

Working Paper n.866 Dicembre 2021

Sergio Cesaratto

DEPS, USiena


Monetary Policy in Times of Crisis (Rostagno et al. 2021) presents a useful narrative from inside the ECB of the monetary policies adopted from 2007 to 2018 in a continuing conflict between hawks and doves. Relevant is the criticism of the absence of a European fiscal policy and the consequent loneliness in which the ECB has been left to act. Unfortunately, the technical assessment of monetary policy measures is of difficult access not only for the informed reader but also for the professional economist. This may also be due to certain analytical limitations of the authors with regard to the transmission channels of monetary policy.

Jel Codes

E11, E12, E52, E58, N14