Annotazioni sull’implementazione della politica monetaria: ieri, oggi, domani
DOI:
https://doi.org/10.13133/2037-3651/18590Parole chiave:
monetary policy, operational framework, corridor system, floor system, monetary income of the EurosystemAbstract
Con le misure di quantitative easing adottate nello scorso quindicennio la politica monetaria è passata da una implementazione tecnica basata sulla scarsità di riserve ad una basata sull’abbondanza delle riserve. A loro volta i sistemi bancari hanno adattato i propri comportamenti all’abbondanza di riserve complicando il ritorno al precedente sistema. La questione riguarda anche la politica fiscale in quanto, con il rialzo dei tassi di interesse, l’abbondante liquidità bancaria è remunerata dalle banche centrali a tassi che erodono la loro profittabilità. La distribuzione della liquidità fra le banche commerciali europee e un poco noto meccanismo di ripartizione di costi e profitti fra le banche centrali dell’Eurosistema fanno sì che il sussidio de facto alle banche europee (quasi 120 miliardi all’anno) favorisca soprattutto i paesi d’oltralpe. Il paper aggiorna nozioni e vicende di politica monetaria già esposte in forma divulgativa in Cesaratto (2021a), anche a supporto didattico di colleghi e studenti.
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