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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 |
Edizione: | 1st ed. |
Descrizione fisica: | 34 p. : ill |
Disciplina: | 332.4;332.494 |
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." |
Nota di contenuto: | 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. |
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.: | 9910827474203321 |
Lo trovi qui: | Univ. Federico II |
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