Central Bank Independence Before and After the Financial Crisis

大衰退极大地质疑了央行在独立于政治之外执行货币政策方面的作用。事实上，非常规措施（资产负债表政策）缩小了货币政策和财政政策之间的差异，使货币政策在本质上成为准财政政策。该项目旨在评估，主要研究欧洲央行从2000年到2018年的经验，货币政策和财政政策之间的边界是否已经被打破，从而使央行独立性的货币主义概念在严重金融危机时完全无关紧要。

The Great Recession has significantly questioned the role of central banks in conducting monetary policy independently of politics. In fact, unconventional measures (balance-sheet policies) have narrowed the difference between monetary policy and fiscal policy, making monetary policy quasi-fiscal in their nature. The project aims to asses, mainly studying the ECB experience from 2000 to 2018, whether the border between monetary and fiscal policies has been breached, thereby making the monetarist concept of central bank independence completely irrelevant in time of severe financial crises.