Euro Area Monetary Policy in Uncharted Waters / / Emil Stavrev, Thomas Harjes, Martin Cihak
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| Autore: |
Stavrev Emil
|
| Titolo: |
Euro Area Monetary Policy in Uncharted Waters / / Emil Stavrev, Thomas Harjes, Martin Cihak
|
| Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2009 |
| Descrizione fisica: | 34 p. : ill |
| Soggetto topico: | Monetary policy - European Union countries - Econometric models |
| Global Financial Crisis, 2008-2009 | |
| Financial crises - European Union countries - Econometric models | |
| Banks and banking, Central - European Union countries - Econometric models | |
| Banks and Banking | |
| Financial Risk Management | |
| Investments: Bonds | |
| Interest Rates: Determination, Term Structure, and Effects | |
| General Financial Markets: General (includes Measurement and Data) | |
| Banks | |
| Depository Institutions | |
| Micro Finance Institutions | |
| Mortgages | |
| Financial Crises | |
| Banking | |
| Finance | |
| Investment & securities | |
| Economic & financial crises & disasters | |
| Yield curve | |
| Central bank policy rate | |
| Bond yields | |
| Financial crises | |
| Interest rates | |
| Bonds | |
| Banks and banking | |
| Soggetto geografico: | United States |
| Altri autori: |
HarjesThomas
CihakMartin
|
| Note generali: | "August 2009." |
| 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. |
| Titolo autorizzato: | Euro Area Monetary Policy in Uncharted Waters |
| ISBN: | 1-4623-1540-2 |
| 1-4518-7332-8 | |
| 9786612843952 | |
| 1-4527-5208-7 | |
| 1-282-84395-8 | |
| Formato: | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione: | Inglese |
| Record Nr.: | 9910788228103321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers; Working Paper ; ; No. 2009/185