那提西银行-欧洲-经济理论-欧洲央行优先次序的层级是正确？

《那提西银行-欧洲-经济理论-欧洲央行优先次序的层级是正确？》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、FlashEconomicsIsthehierarchyofECBprioritiestherightone?22February2018-212ThehierarchyofECBprioritiesisnowclearly:1-Meetingtheinflationtarget;2-Stimulatinggrowth;3-Ensuringfinancialstability.Inaneconomicenvironmentwhereequilibriuminflationspontaneouslyislowerthantheinflationtarget,andwhe

2、retherearerisksoffinancialinstability(abnormalsqueezingofriskpremia,highvolatilityinfinancialmarkets),woulditnotbemorereasonableforfinancialstabilitytobecometheECB'sprimeobjective?Macroprudentialpolicies(regulationoffinancialintermediaries)seemincapableofpreventingtheveryexpansionarymon

3、etarypolicyfromgeneratingfinancialinstability.PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comDistributionofthisreportintheUnitedStates.Seeimportantdisclosuresattheendofthisreport..FlashEconomicsThepresenthierarchyofECBprioritiesTheECBcurrently

4、maintainsaveryexpansionarymonetarypolicy(Charts1AandB),withthestatedobjectiveofbringingeuro-zoneinflationbacktothe2%target(Chart2).Chart1AChart1BEurozone:EuroreporateandinterestrateonEurozone:Monetarybase(inEURbn)banks'depositsattheECB(as%)Inabsoluteterms(LHS)EuroreporateMonth-on-monthc

5、hange(RHS)5Interestrateonbanks'depositsattheECB53,2002502,800200442,400150332,000100221,600501,200011800-5000400-100Sources:Datastream,ECB,NatixisSources:Datastream,ECB,Natixis-1-10-15002030405060708091011121314151617180203040506070809101112131415161718Chart2Eurozone:Core*CPIandCPICPI(Y

6、/Yas%)5Core*CPI(Y/Yas%)5(*)Excl.energyandfood4433221100Sources:Datastream,Eurostat,Natixis-1-10203040506070809101112131415161718ThisexpansionaryECBmonetarypolicyhasresultedinabnormallylowinterestrates(Chart3),therebystimulatingdomesticdemandandgrowthintheeurozone(Chart4).Chart3Chart4Eur

7、ozone:NominalGDPandinterestrateonEurozone:DomesticdemandandrealGDPgrowthgovernmentbonds(Y/Yas%)NominalGDP(Y/Yas%)Domesticdemand8Eurozoneexcl.Greece:2-yeargovt.interestrate(as%)8RealGDPEurozoneexcl.Greece:10-yeargovt.interestrate(as%)46663424412220-1000-2-2-2-2-3-4-4-4-4Sources: