05438oam 22011534 450 991082747420332120240402051700.01-4623-1540-21-4518-7332-897866128439521-4527-5208-71-282-84395-8(CKB)3170000000055337(SSID)ssj0000940750(PQKBManifestationID)11532938(PQKBTitleCode)TC0000940750(PQKBWorkID)10955961(PQKB)11216645(OCoLC)527702616(IMF)WPIEE2009185(MiAaPQ)EBC1608808(EXLCZ)99317000000005533720020129d2009 uf 0engurcn|||||||||txtccrEuro Area Monetary Policy in Uncharted Waters /Emil Stavrev, Thomas Harjes, Martin Cihak1st ed.Washington, D.C. :International Monetary Fund,2009.34 p. illIMF Working Papers"August 2009."1-4519-1757-0 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.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 banking332.4;332.494Stavrev Emil1594423Harjes Thomas1681904Cihak Martin1106217International Monetary Fund.European Dept.DcWaIMFBOOK9910827474203321Euro Area Monetary Policy in Uncharted Waters4051646UNINA