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A New Two-Pillar Strategy for the ECB. CEPS Policy Brief No. 191, 30 June 2009

de Grauwe, Paul and Gros, Daniel. (2009) A New Two-Pillar Strategy for the ECB. CEPS Policy Brief No. 191, 30 June 2009. [Policy Paper]

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    Abstract

    This paper explores the question of whether there is a trade-off between maintaining price stability and financial stability (much in the same way as there can be a trade-off between price stability and output stability when supply shocks occur) and if so, which of the two objectives should take precedence. The authors analyse how such a trade-off can arise and further examine the issue of how to define and monitor financial stability and assess which policy instruments the ECB could deploy to maintain financial stability.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > monetary policy
    EU policies and themes > EU institutions & developments > European Central Bank
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Policy Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 09 Jul 2009
    Page Range: p. 12
    Last Modified: 15 Feb 2011 18:13
    URI: http://aei.pitt.edu/id/eprint/11264

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