(PDF)” in Jeffrey C. Fuhrer, ed., Goals, Guidelines, and Constraints Facing Monetary Policymakers, proceedings of the Goals, Guidelines, and Constraints Facing Monetary Policymakers conference held in North Falmouth, Mass., June. Boston: Federal Reserve Bank of Boston, pp. 195–221. DeLong, J. Bradford (1990). “ ‘Liquidation’ Cycles: Old-Fashioned Real Business Cycle Theory and the Great Depression,” NBER Working Paper Series 3546. Cambridge, Mass.
The Governing Council of the ECB didn’t set the boulder in motion in June, but you could say it got the ball rolling by indicating that it wanted to end the net purchases of government bonds and other securities at the end of the year.