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035   $a(IMF)WPIEE2009185
035   $a(EXLCZ)993170000000055337
100   $a20020129d2009      uf             0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt
182   $cc
183   $acr
200 10$aEuro Area Monetary Policy in Uncharted Waters /$fEmil Stavrev, Thomas Harjes, Martin Cihak
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2009.
215   $a34 p. $cill
225 1 $aIMF Working Papers
300   $a"August 2009."
311   $a1-4519-1757-0 
330 3 $aWe analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find some evidence that the ECB's non-standard measures, namely the lengthening of the maturity of monetary policy operations and the provision of funds at the fixed rate, reduced money market term spreads, facilitating the pass-through from policy to market rates. Furthermore, the results imply that the substantial increase in the ECB's balance sheet may have contributed to a reduction in government bond term spreads.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2009/185
606   $aMonetary policy$zEuropean Union countries$xEconometric models
606   $aGlobal Financial Crisis, 2008-2009
606   $aFinancial crises$zEuropean Union countries$xEconometric models
606   $aBanks and banking, Central$zEuropean Union countries$xEconometric models
606   $aBanks and Banking$2imf
606   $aFinancial Risk Management$2imf
606   $aInvestments: Bonds$2imf
606   $aInterest Rates: Determination, Term Structure, and Effects$2imf
606   $aGeneral Financial Markets: General (includes Measurement and Data)$2imf
606   $aBanks$2imf
606   $aDepository Institutions$2imf
606   $aMicro Finance Institutions$2imf
606   $aMortgages$2imf
606   $aFinancial Crises$2imf
606   $aBanking$2imf
606   $aFinance$2imf
606   $aInvestment & securities$2imf
606   $aEconomic & financial crises & disasters$2imf
606   $aYield curve$2imf
606   $aCentral bank policy rate$2imf
606   $aBond yields$2imf
606   $aFinancial crises$2imf
606   $aInterest rates$2imf
606   $aBonds$2imf
606   $aBanks and banking$2imf
607   $aUnited States$2imf
615  0$aMonetary policy$xEconometric models.
615  0$aGlobal Financial Crisis, 2008-2009.
615  0$aFinancial crises$xEconometric models.
615  0$aBanks and banking, Central$xEconometric models.
615  7$aBanks and Banking
615  7$aFinancial Risk Management
615  7$aInvestments: Bonds
615  7$aInterest Rates: Determination, Term Structure, and Effects
615  7$aGeneral Financial Markets: General (includes Measurement and Data)
615  7$aBanks
615  7$aDepository Institutions
615  7$aMicro Finance Institutions
615  7$aMortgages
615  7$aFinancial Crises
615  7$aBanking
615  7$aFinance
615  7$aInvestment & securities
615  7$aEconomic & financial crises & disasters
615  7$aYield curve
615  7$aCentral bank policy rate
615  7$aBond yields
615  7$aFinancial crises
615  7$aInterest rates
615  7$aBonds
615  7$aBanks and banking
700   $aStavrev$b Emil$01465934
701   $aHarjes$b Thomas$01493525
701   $aCihak$b Martin$01106217
712 02$aInternational Monetary Fund.$bEuropean Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788228103321
996   $aEuro Area Monetary Policy in Uncharted Waters$93741585
997   $aUNINA