Euro Area Monetary Policy in Uncharted Waters / / Emil Stavrev, Thomas Harjes, Martin Cihak

• Autore: Stavrev Emil
• 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; Banking; Banks and Banking; Banks and banking; Banks; Bond yields; Bonds; Central bank policy rate; Depository Institutions; Economic & financial crises & disasters; Finance; Financial Crises; Financial crises; Financial Risk Management; General Financial Markets: General (includes Measurement and Data); Interest rates; Interest Rates: Determination, Term Structure, and Effects; Investment & securities; Investments: Bonds; Micro Finance Institutions; Mortgages; Yield curve
• Soggetto geografico: United States
• Altri autori: CihakMartin HarjesThomas
• 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: 9786612843952; 9781462315406; 1462315402; 9781451873320; 1451873328; 9781452752082; 1452752087; 9781282843950; 1282843958
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910969846403321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/185