05637oam 22012374 450 991096984640332120250426110555.0978661284395297814623154061462315402978145187332014518733289781452752082145275208797812828439501282843958(CKB)3170000000055337(SSID)ssj0000940750(PQKBManifestationID)11532938(PQKBTitleCode)TC0000940750(PQKBWorkID)10955961(PQKB)11216645(OCoLC)527702616(IMF)WPIEE2009185(MiAaPQ)EBC1608808(IMF)WPIEA2009185WPIEA2009185(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."9781451917574 1451917570 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 modelsBankingimfBanks and BankingimfBanks and bankingimfBanksimfBond yieldsimfBondsimfCentral bank policy rateimfDepository InstitutionsimfEconomic & financial crises & disastersimfFinanceimfFinancial CrisesimfFinancial crisesimfFinancial Risk ManagementimfGeneral Financial Markets: General (includes Measurement and Data)imfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfInvestment & securitiesimfInvestments: BondsimfMicro Finance InstitutionsimfMortgagesimfYield curveimfUnited StatesimfMonetary policyEconometric models.Global Financial Crisis, 2008-2009.Financial crisesEconometric models.Banks and banking, CentralEconometric models.BankingBanks and BankingBanks and bankingBanksBond yieldsBondsCentral bank policy rateDepository InstitutionsEconomic & financial crises & disastersFinanceFinancial CrisesFinancial crisesFinancial Risk ManagementGeneral Financial Markets: General (includes Measurement and Data)Interest ratesInterest Rates: Determination, Term Structure, and EffectsInvestment & securitiesInvestments: BondsMicro Finance InstitutionsMortgagesYield curve332.4;332.494Stavrev Emil1815673Cihak Martin1106217Harjes Thomas1816049International Monetary Fund.European Dept.DcWaIMFBOOK9910969846403321Euro Area Monetary Policy in Uncharted Waters4372854UNINA