Euro Area Monetary Policy in Uncharted Waters.

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 al...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Stavrev, Emil
Otros Autores: Harjes, Thomas, Cihák, Martin
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Washington : International Monetary Fund, 2009.
Colección:IMF Working Papers.
Temas:
2008-2009
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.
Politique monétaire > Pays de l'Union européenne > Modèles économétriques.
Crise financière mondiale, 2008-2009.
Banques centrales > Pays de l'Union européenne > Modèles économétriques.
Banks and banking, Central > Econometric models
Financial crises > Econometric models
Monetary policy > Econometric models
European Union countries
Acceso en línea:Texto completo
Descripción
Sumario: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 substa.
Descripción Física:1 online resource (56 pages)
ISBN:9781452752082
1452752087

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