Monetary Policy in Times of Crisis: A Tale of Two Decades of the European Central Bank-危机时期的货币政策

 该书由许多欧洲央行官员合著，其中包括货币政策部部长Massimo Rostagno。几位作者对历史尚短的欧洲央行在其成立后二十年内危机频发的时期所面临的挑战以及它如何应对仍在襁褓之中的货币联盟进行了精湛的分析。大多数人都熟悉前欧洲央行行长德拉吉在2012年为应对欧元的生存危机提出的“不惜一切代价”的口号，但很少有人知道欧洲稳定机制在早期是如何建立的幕后故事。欧洲稳定机制使其（从未实际使用过的）直接货币交易工具在解决欧元区危机方面发挥了作用。

书名：Monetary Policy in Times of Crisis: A Tale of Two Decades of the European Central Bank《危机时期的货币政策：欧洲央行前二十年的故事》

作者：Massimo Rostagno

简介：The first twenty years of the European Central Bank (ECB) offer a clear demonstration of how a central bank can navigate macroeconomic insecurity and crisis. As the global economy moves into a new phase of unheralded uncertainty, the story of the ECB holds multiple lessons of wider significance for the central banking community and researchers of monetary policy.

This volume provides a unique account of how the ECB has reacted to the challenges confronting the euro area through its monetary policy, turning to innovative measures and unprecedented policy actions to fend off the various threats posed by the global financial turmoil of 2007/08, the euro area sovereign debt market crisis, and the subsequent period of anaemic growth and deflationary pressures.

It also addresses some of the criticisms the ECB has faced regarding its policy initiatives. It identifies the ultimate motivation behind the ECB's cautious attitude in the early phases of the financial crisis, and its peculiar definition of price stability and attention for credit creation, as well as addressing the criticism that central banks were fundamentally unprepared to head off a major financial cataclysm as they were wedded to a deficient economic paradigm which made them blind to financial risks. It also shows that the ECB's unconventional low-interest policies have not compromised the position of financial intermediaries in the way commentators initially predicted they would.

By condensing the facts and lessons of the first 20 years of the ECB, this volume will acquaint the reader with the structures and decision-making processes behind the complex, often controversial, crisis measures that were taken during some of the toughest economic challenges in the history of modern Europe, and provide them with fresh ex-post analysis on their effect on the real economy and inflation.