LEADER 05438oam 22011534 450 001 9910827474203321 005 20240402051700.0 010 $a1-4623-1540-2 010 $a1-4518-7332-8 010 $a9786612843952 010 $a1-4527-5208-7 010 $a1-282-84395-8 035 $a(CKB)3170000000055337 035 $a(SSID)ssj0000940750 035 $a(PQKBManifestationID)11532938 035 $a(PQKBTitleCode)TC0000940750 035 $a(PQKBWorkID)10955961 035 $a(PQKB)11216645 035 $a(OCoLC)527702616 035 $a(IMF)WPIEE2009185 035 $a(MiAaPQ)EBC1608808 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 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a34 p. $cill 225 1 $aIMF Working Papers 300 $a"August 2009." 311 $a1-4519-1757-0 327 $aIntro -- 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. 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 676 $a332.4;332.494 700 $aStavrev$b Emil$01594423 701 $aHarjes$b Thomas$01681904 701 $aCihak$b Martin$01106217 712 02$aInternational Monetary Fund.$bEuropean Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910827474203321 996 $aEuro Area Monetary Policy in Uncharted Waters$94051646 997 $aUNINA