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The case of the ECB : Better to lean against the wind than to fight a hurricane

Title data

Drescher, Christian:
The case of the ECB : Better to lean against the wind than to fight a hurricane.
In: Intereconomics. Vol. 46 (2011) Issue 4 . - pp. 197-204.
ISSN 0020-5346
DOI: https://doi.org/10.1007/s10272-011-0383-6

Official URL: Volltext

Abstract in another language

In the light of the recent financial crisis, the ECB has announced a slight shift in the reading of its monetary policy strategy and acknowledges that the case for a “leaning against the wind” strategy has strengthened. This implies that now, more than ever, the ECB is willing to dampen asset bubbles in the early stage of their formation. This article explains what the ECB can learn from historical asset bubbles in EU eurozone member countries. The empirical analysis indicates that asset bubbles in some member countries are mostly followed by asset bubbles in further member countries, which supports the ECB’s current reading of its monetary policy strategy

Further data

Item Type: Article in a journal
Refereed: Yes
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I > Chair Economics I - Univ.-Prof. Dr. Bernhard Herz
Faculties
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I
Result of work at the UBT: Yes
DDC Subjects: 300 Social sciences > 330 Economics
Date Deposited: 31 Mar 2015 08:31
Last Modified: 31 Mar 2015 08:31
URI: https://eref.uni-bayreuth.de/id/eprint/9530