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Publication type: Article in scientific journal
Type of review: Peer review (publication)
Title: Complexity, uncertainty, and monetary policy : can the ECB avoid the unconventional becoming the ‘new normal’?
Authors: Hartwell, Christopher A.
et. al: No
DOI: 10.1515/ev-2019-0021
Published in: The Economists’ Voice
Volume(Issue): 16
Issue: 1
Issue Date: 25-Nov-2019
Publisher / Ed. Institution: De Gruyter
ISSN: 1553-3832
Language: English
Subjects: EURO; European Central Bank; Monetary policy; Complexity
Subject (DDC): 332.1: Banks
Abstract: Worries about Italy and the unresolved issue of euro governance–coupled with uncertainty surrounding Brexit–means that the European Central Bank (ECB) may already be facing its next crisis in the euro area. Unfortunately, the ECB is still fighting the last war, deploying the tools of unconventional monetary policy to address lingering problems while unable institutionally to address needed structural change. This paper looks at theECB as an institution amongst institutions and shows how even more unconventional approaches will not help to bolster the economy of the euro area. Indeed, given the complexity of money, the effects of expectations, and continued uncertainty, expanding the ECB’s unconventional arsenal is likely to have deleterious consequences across Europe.
Further description: Erworben im Rahmen der Schweizer Nationallizenzen (
Fulltext version: Published version
License (according to publishing contract): Licence according to publishing contract
Departement: School of Management and Law
Organisational Unit: International Management Institute (IMI)
Appears in collections:Publikationen School of Management and Law

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