欧元区货币政策的现实与想象约束（英文版）.pdf

WORKING PAPER 18-8 Real and Imagined Constraints on Euro Area Monetary Policy Patrick Honohan August 2018 Abstract Although the European Central Bank (ECB) has been pursuing an aggressively expansionary policy since 2012, previously the ECB was behind the curve in lowering interest rates and making asset purchases to combat the prolonged euro area recession. This paper argues that part of the delay can be attributed to the multi-country na