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Title: Política monetaria en tiempos de inflación y de guerra en Europa: la respuesta del BCE y la FED a la creciente inflación
Author: Coll Luna, Arnau
Tutor: Romero Rosell, Maria Ana
Abstract: After a long period of price stability in the Eurozone and the United States, a significant increase in inflation began in both territories in 2021, causing a change in the monetary policy stance, which had previously been expansionary during the Covid-19 pandemic. This document examines, compares, and analyzes the main monetary policy instruments employed by the European Central Bank and the Federal Reserve to address this inflation increase, with the objective of identifying whether there have been notable differences in the monetary policy strategies employed by both territories to achieve their price stability objective, and, if so, determine its magnitude. To achieve this, the document first describes the main instruments available to both central banks to conduct their monetary policy, exploring their evolution since the moment when monetary policies took the aforementioned shift. Subsequently, a comparison and analysis through various statistical tests of these instruments and the money supply of both regions is carried out, revealing, as will be further evidenced later, that there have been differences between the monetary policies employed by both central banks, with the measures implemented by the Federal Reserve being more intense than those of the European Central Bank, with more significant and early increases in interest rates and more notable open market operations aimed at withdrawing liquidity from the markets. In addition to this, based on factors such as inflation expectations and central bank statements, this document also provides an analysis of future prospects in the monetary policy of both central banks, which, as will be later highlighted, a normalization of this contractionary monetary policy is anticipated in 2024 onwards.
Keywords: European Central Bank (ECB)
Federal Reserve (Fed)
Eurozone (or Euro Area)
United States
Monetary policy
interest rates
Open Market Operations (OMO)
Document type: info:eu-repo/semantics/bachelorThesis
Issue Date: 9-Jan-2024
Publication license:  
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