WP 2015/10: L’organetto di Draghi: quattro lezioni critiche sulle misure non convenzionali della ECB sino al Quantitative Easing

Sergio Cesaratto 27 Ottobre 2015

The primary purpose of these lectures is didactic. They show the development of the ECB intervention from 2008 to 2015 taking the evolution of the consolidated balance sheet of the Eurosystem as reference point. They endorse the theory of endogenous money as theoretical landmark.

Sergio Cesaratto
University of Siena

Keywords: Eurosystem, Euro, European Central Bank, Balance Sheet, Endogenous, Money, Quantitative Easing, Monetary Policy, TARGET 2, Long Term Refinancing, Operation, Outright Monetary Transactions.

JEL classification: E40, E50, F33, F36, F45.