Cen­tral Bank of Malta pub­lic lec­ture on Un­con­ven­tional mon­e­tary pol­icy in the euro area

The Malta Business Weekly - - NEWS -

On Mon­day, 29 Oc­to­ber, the Cen­tral Bank of Malta hosted a pub­lic lec­ture with the theme Un­con­ven­tional mon­e­tary pol­icy in the euro area: Macroe­co­nomic con­text, ef­fec­tive­ness, un­in­tended con­se­quences and nor­mal­i­sa­tion.

The lec­ture was in­tro­duced by Dr Aaron Grech, the Bank’s chief econ­o­mist and de­liv­ered by Dr Ste­fano Siviero. Dr Siviero is the head of the Eco­nomic Out­look and Mon­e­tary Pol­icy Direc­torate within the Direc­torate Gen­eral for Eco­nomics, Sta­tis­tics and Re­search of the Bank of Italy.

He also serves as the Bank of Italy’s rep­re­sen­ta­tive on the Euro­pean Cen­tral Bank’s Mon­e­tary Pol­icy Com­mit­tee. He has pub­lished nu­mer­ous ar­ti­cles in Ital­ian and in­ter­na­tional sci­en­tific jour­nals, on top­ics mostly re­lat­ing to macroe­co­nomic modelling and mon­e­tary eco­nomics, and has taught sta­tis­tics, econo­met­rics and in­ter­na­tional and mon­e­tary eco­nomics at uni­ver­si­ties in Italy and abroad.

In his lec­ture Dr Siviero drew on the wealth of re­search con­ducted over the last few years at the Bank of Italy and in other euro area cen­tral banks and in­sti­tu­tions to re­view the mo­ti­va­tions un­der­ly­ing the of­ten ex­tra­or­di­nary mon­e­tary pol­icy de­ci­sions taken by the Eurosys­tem since 2008, an­a­lyse their im­pact on eco­nomic ac­tiv­ity and in­fla­tion and as­sess their pos­si­ble draw­backs.

The lec­ture also looked into the chal­lenges sur­round­ing the nor­mal­i­sa­tion of mon­e­tary pol­icy over the com­ing years.

This event was the fourth in a se­ries of pub­lic lec­tures in eco­nomics and fi­nance be­ing hosted by the bank to com­mem­o­rate its 50th an­niver­sary.

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