Maria Demertzis Marta Domínguez-Jiménez

Monetary policy in the time of Covid-19, or how uncertainty is here to stay

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Abstract

The COVID-19 crisis has compounded the uncertainty that has come to characterise the European economy. We explore how this uncertainty manifests itself in terms of European Central Bank decision-making and the long-run challenges the ECB faces. Confidence in ECB actions will come from the contingency scenarios it considers and communicates on, and from the adoption of potential policies for a wide range of such scenarios. Greater clarity around the ECB’s inflation target and surrounding tolerance bands would also be beneficial

Keywords

  • monetary policy
  • Central Banking
  • interest rates
  • uncertainty

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