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[null,"1.","Record Nr.",null,"UNINA9910969846403321"]
[null,null,"Autore",null,"Stavrev Emil"]
[null,null,"Titolo",null,"Euro Area Monetary Policy in Uncharted Waters / / Emil Stavrev, Thomas Harjes, Martin Cihak"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2009"]
[null,null,"ISBN",null,"9786612843952"]
[{"$nulls":4},"9781462315406"]
[{"$nulls":4},"1462315402"]
[{"$nulls":4},"9781451873320"]
[{"$nulls":4},"1451873328"]
[{"$nulls":4},"9781452752082"]
[{"$nulls":4},"1452752087"]
[{"$nulls":4},"9781282843950"]
[{"$nulls":4},"1282843958"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"34 p. : ill"]
[null,null,"Collana",null,"IMF Working Papers"]
[null,null,"Disciplina",null,"332.4;332.494"]
[null,null,"Soggetti",null,"Monetary policy - European Union countries - Econometric models"]
[{"$nulls":4},"Global Financial Crisis, 2008-2009"]
[{"$nulls":4},"Financial crises - European Union countries - Econometric models"]
[{"$nulls":4},"Banks and banking, Central - European Union countries - Econometric models"]
[{"$nulls":4},"Banking"]
[{"$nulls":4},"Banks and Banking"]
[{"$nulls":4},"Banks and banking"]
[{"$nulls":4},"Banks"]
[{"$nulls":4},"Bond yields"]
[{"$nulls":4},"Bonds"]
[{"$nulls":4},"Central bank policy rate"]
[{"$nulls":4},"Depository Institutions"]
[{"$nulls":4},"Economic & financial crises & disasters"]
[{"$nulls":4},"Finance"]
[{"$nulls":4},"Financial Crises"]
[{"$nulls":4},"Financial crises"]
[{"$nulls":4},"Financial Risk Management"]
[{"$nulls":4},"General Financial Markets: General (includes Measurement and Data)"]
[{"$nulls":4},"Interest rates"]
[{"$nulls":4},"Interest Rates: Determination, Term Structure, and Effects"]
[{"$nulls":4},"Investment & securities"]
[{"$nulls":4},"Investments: Bonds"]
[{"$nulls":4},"Micro Finance Institutions"]
[{"$nulls":4},"Mortgages"]
[{"$nulls":4},"Yield curve"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","\"August 2009.\""]
[null,null,"Nota di contenuto",null,"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."]
[null,null,null,"Sommario/riassunto","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."]