Galí, Jordi, 1961-Universitat Pompeu Fabra. Departament d'Economia i Empresa2017-07-262017-07-262010-06-01http://hdl.handle.net/10230/6359Since its inception, a most distinctive (and controversial) feature of the ECB monetary policy strategy has been its emphasis on money and monetary analysis, which constitute the basis of the so-called monetary pillar. The present paper examines the performance of the monetary pillar around the recent financial crisis episode, and discusses its prospects in light of the renewed emphasis on financial stability and the need for enhanced macro-prudential policies.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commonsinfo:eu-repo/semantics/workingPapermonetary policy strategytwo pillar strategymonetarismfinancial stability.Macroeconomics and International Economicsinfo:eu-repo/semantics/openAccess