04467oam 22011174 450 991078822810332120230721045708.01-4623-1540-21-4518-7332-897866128439521-4527-5208-71-282-84395-8(CKB)3170000000055337(SSID)ssj0000940750(PQKBManifestationID)11532938(PQKBTitleCode)TC0000940750(PQKBWorkID)10955961(PQKB)11216645(OCoLC)527702616(MiAaPQ)EBC1608808(IMF)WPIEE2009185(EXLCZ)99317000000005533720020129d2009 uf 0engurcn|||||||||txtccrEuro Area Monetary Policy in Uncharted Waters /Emil Stavrev, Thomas Harjes, Martin CihakWashington, D.C. :International Monetary Fund,2009.34 p. illIMF Working Papers"August 2009."1-4519-1757-0 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.IMF Working Papers; Working Paper ;No. 2009/185Monetary policyEuropean Union countriesEconometric modelsGlobal Financial Crisis, 2008-2009Financial crisesEuropean Union countriesEconometric modelsBanks and banking, CentralEuropean Union countriesEconometric modelsBanks and BankingimfFinancial Risk ManagementimfInvestments: BondsimfInterest Rates: Determination, Term Structure, and EffectsimfGeneral Financial Markets: General (includes Measurement and Data)imfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFinancial CrisesimfBankingimfFinanceimfInvestment & securitiesimfEconomic & financial crises & disastersimfYield curveimfCentral bank policy rateimfBond yieldsimfFinancial crisesimfInterest ratesimfBondsimfBanks and bankingimfUnited StatesimfMonetary policyEconometric models.Global Financial Crisis, 2008-2009.Financial crisesEconometric models.Banks and banking, CentralEconometric models.Banks and BankingFinancial Risk ManagementInvestments: BondsInterest Rates: Determination, Term Structure, and EffectsGeneral Financial Markets: General (includes Measurement and Data)BanksDepository InstitutionsMicro Finance InstitutionsMortgagesFinancial CrisesBankingFinanceInvestment & securitiesEconomic & financial crises & disastersYield curveCentral bank policy rateBond yieldsFinancial crisesInterest ratesBondsBanks and bankingStavrev Emil1465934Harjes Thomas1493525Cihak Martin1106217International Monetary Fund.European Dept.DcWaIMFBOOK9910788228103321Euro Area Monetary Policy in Uncharted Waters3741585UNINA