{"id":591,"date":"2017-12-07T17:33:01","date_gmt":"2017-12-07T17:33:01","guid":{"rendered":"http:\/\/hardouvelis.gr\/?p=591"},"modified":"2018-01-28T00:18:53","modified_gmt":"2018-01-28T00:18:53","slug":"comment-lessons-monetary-policy-euro-area-crisis","status":"publish","type":"post","link":"https:\/\/hardouvelis.gr\/el\/comment-lessons-monetary-policy-euro-area-crisis\/","title":{"rendered":"Comment on \u201cLessons for Monetary Policy from the Euro-Area Crisis\u201d"},"content":{"rendered":"<p class=\"qtranxs-available-languages-message qtranxs-available-languages-message-el\">\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 <a href=\"https:\/\/hardouvelis.gr\/en\/wp-json\/wp\/v2\/posts\/591\" class=\"qtranxs-available-language-link qtranxs-available-language-link-en\" title=\"English\">English<\/a>. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.<\/p><p><strong>Comment on \u201cLessons for Monetary Policy from the Euro-Area Crisis\u201d<\/strong><br \/>\nAuthor: Gikas A. Hardouvelis<br \/>\n<em>Journal: Journal of Macroeconomics, Volume 39, Part B, March 2014, Pages 383-386<\/em><\/p>\n<p>Abstract: This comment discusses and extends the paper: \u201cLessons for Monetary Policy from the Euro Area Crisis,\u201d by Charles Goodhart. The comment claims the Eurosystem was more sluggish in responding to the crisis than the Federal Reserve due to restrictions originating from its mandate. Yet today\u2019s challenge runs deeper, as the absence of a banking union in the Euro Area has allowed a large fragmentation in financial intermediation. The critical question is: \u201cGiven that the Euro Area is not an Optimum Currency Area and a banking union will take a long time to materialize, can the Eurosystem find a way to alleviate the fragmentation in lending rates without compromising its independence?\u201d The comment offers a solution, which would expand the monetary toolbox.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 English. For the sake of viewer convenience, the content is shown below in the alternative language. You<\/p>\n","protected":false},"author":1,"featured_media":4399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,5],"tags":[],"yst_prominent_words":[487,229,1015,1016,89,478,281,1018,1017,49,978,975,973,231,739,128,1011],"class_list":["post-591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-academic-publications","category-publications-in-refereed-academic-journals"],"acf":[],"_links":{"self":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/comments?post=591"}],"version-history":[{"count":1,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/591\/revisions"}],"predecessor-version":[{"id":592,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/591\/revisions\/592"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media\/4399"}],"wp:attachment":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media?parent=591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/categories?post=591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/tags?post=591"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/yst_prominent_words?post=591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}