The ECB’s tools: Transparency is needed by Lucrezia Reichlin, Klaus Adam, Warwick J. McKibbin, Michael McMahon, Ricardo Reis, Giovanni Ricco, Beatrice Weder di Mauro published by VOXEU (12/2021).
“We welcome Rafael Repullo’s insightful comment on the report on the ECB strategy review that CEPR recently published and that we co-authored. Repullo provides a sharp discussion of some technical features of central banking that aficionados of monetary policy will enjoy – the transmission of monetary policy from short to long rates, yield curve control, the corridor system, variable versus fixed tender auctions, and the link between prices and quantities in the Friedman rule. Here we briefly reply to his more pointed criticisms of our report…”
