Will Monetary Policy become more of a Science?, Prepared for the Deutsche Bundesbank conference “Monetary Policy Over Fifty Years”, held in Frankfurt am Main, Germany, 21 September, 2007. 6. Campbell, J., Fisher, J., Justiniano, A. and Melosi, L. (2016). Forward Guidance and Macroeconomic Outcomes since the Financial Crisis, NBER Macroeconomics Annual 31 (2016), pp. 283-357; Charbonneau, K.B. and Rennison, L. (2015).
Consider the macro side first: •  The ECB was one of the first authorities, together with other central banks, to respond to the liquidity problems in the financial system. We have continually consulted and cooperated with other major central banks in unprecedented ways to provide liquidity and reduce financial market strains.