Euro Area Monetary Policy in Uncharted Waters.

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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Bibliographic Details
Main Author: Stavrev, Emil
Other Authors: Harjes, Thomas, Cihák, Martin
Format: eBook
Language:English
Published: Washington : International Monetary Fund, 2009.
Series:IMF Working Papers.
Subjects:
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.
Banks and banking, Central > Econometric models
Financial crises > Econometric models
Monetary policy > Econometric models
European Union countries
Online Access:Click for online access
Table of Contents:
  • Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. ECB's Policy Response to the Crisis; 1. Euro Area: Recent Developments of the ECB's Liquidity Operations; III. Has the Transmission Been Impaired?; 2. Euro Area: Cost of Borrowing by Businesses and Households; A. Transmission Channels; B. Methodology; C. Results; 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.
  • IV. Monetary Policy and The Return of The Liquidity TrapA. Overview; B. Empirical Assessment; 1. VAR Parameter Estimates; 2. Risk Factor Loadings; 7. Euro Area Macro-Financial Model: Government Bond Yields and Model; V. Conculsions; I. Small Theory-based Model for the Euro Area; References; Footnotes.

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