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Record Nr. |
UNINA9910827474203321 |
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Autore |
Stavrev Emil |
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Titolo |
Euro Area Monetary Policy in Uncharted Waters / / Emil Stavrev, Thomas Harjes, Martin Cihak |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-1540-2 |
1-4518-7332-8 |
9786612843952 |
1-4527-5208-7 |
1-282-84395-8 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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Collana |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Monetary policy - European Union countries - Econometric models |
Global Financial Crisis, 2008-2009 |
Financial crises - European Union countries - Econometric models |
Banks and banking, Central - European Union countries - Econometric models |
Banks and Banking |
Financial Risk Management |
Investments: Bonds |
Interest Rates: Determination, Term Structure, and Effects |
General Financial Markets: General (includes Measurement and Data) |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Financial Crises |
Banking |
Finance |
Investment & securities |
Economic & financial crises & disasters |
Yield curve |
Central bank policy rate |
Bond yields |
Financial crises |
Interest rates |
Bonds |
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Banks and banking |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di contenuto |
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Intro -- Contents -- I. Introduction -- II. ECB's Policy Response to the Crisis -- III. Has the Transmission Been Impaired? -- A. Transmission Channels -- B. Methodology -- C. Results -- IV. Monetary Policy and The Return of The Liquidity Trap -- A. Overview -- B. Empirical Assessment -- V. Conclusions -- References -- Tables -- 1. VAR Parameter Estimates -- 2. Risk Factor Loadings -- Figures -- 1. Euro Area: Recent Developments of the ECB's Liquidity Operations -- 2. Euro Area: Cost of Borrowing by Businesses and Households -- 3. Euro Area: Pass-through of The ECB Policy Rate Changes to Market Rates -- 4. Euro Area: The Impact of Crisis on Policy Rate Pass-through -- 5. Euro Area: VAR Residuals of Market Rates -- 6. Euro Area: Effectiveness of Monetary Policy -- 7. Euro Area Macro-Financial Model: Government Bond Yields and Model -- Appendix -- I. Small Theory-based Model for the Euro Area. |
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Sommario/riassunto |
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We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find some evidence that the ECB's non-standard measures, namely the lengthening of the maturity of monetary policy operations and the provision of funds at the fixed rate, reduced money market term spreads, facilitating the pass-through from policy to market rates. Furthermore, the results imply that the substantial increase in the ECB's balance sheet may have contributed to a reduction in government bond term spreads. |
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