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A critique of the ECB's liquidity policies | 66 comments (66 topical, editorial, 0 hidden)
Re: A critique of the ECB's liquidity policies (4.00 / 2)
The second graph is 2009, monthly. It certainly looks like deliberate intervention in midyear.
by afew (afew(a in a circle)eurotrib_dot_com) on Thu Feb 24th, 2011 at 09:34:11 AM EST
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Re: A critique of the ECB's liquidity policies (none / 1)
This is a version of the chart I made for the Eurointelligence column

You can see the ECB last changed its interest rates on 13 May, 2009. That's when the heartbeat pattern begins.

The ECB's refinancing operations had switched to unlimited liquidity on 15 October 2008 (a month after Lehman and the week after the global markets crashed on a Friday and the IMF warned of "a global meltdown").

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Carrie (migeru at eurotrib dot com) on Thu Feb 24th, 2011 at 09:45:53 AM EST
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Re: A critique of the ECB's liquidity policies (none / 0)
The second graph is 2009...

:-/  Thanks, I mistook the months for years. Makes more, if different, sense now. Certainly a dramatic change in pattern.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Feb 24th, 2011 at 10:39:19 AM EST
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A critique of the ECB's liquidity policies | 66 comments (66 topical, 0 editorial, 0 hidden)
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