Euro area monetary policy in uncharted waters

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090 ⊔ ⊔ ‡aHG3881.5.I58 ‡bW67 NO.09/185
100 1 ⊔ ‡aČihák, Martin.
245 1 0 ‡aEuro area monetary policy in uncharted waters / ‡cprepared by Martin Čihák, Thomas Harjes, and Emil Stavrev.
260 ⊔ ⊔ ‡aWashington, D.C. : ‡bInternational Monetary Fund, ‡cc2009.
300 ⊔ ⊔ ‡a34 p. : ‡bill. ; ‡c28 cm.
490 0 ⊔ ‡aIMF working paper ; ‡vWP/09/185
500 ⊔ ⊔ ‡a"August 2009."
500 ⊔ ⊔ ‡aAt head of title: European Department.
504 ⊔ ⊔ ‡aIncludes bibliographical references (p. 33-34).
520 ⊔ ⊔ ‡aWe 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.
530 ⊔ ⊔ ‡aAlso available via the World Wide Web.
538 ⊔ ⊔ ‡aMode of access: Internet.
610 2 0 ‡aEuropean Central Bank ‡xEconometric models.
650 ⊔ 0 ‡aMonetary policy ‡zEuropean Union countries ‡xEconometric models.
650 ⊔ 0 ‡aBanks and banking, Central ‡zEuropean Union countries ‡xEconometric models.
650 ⊔ 0 ‡aFinancial crises ‡zEuropean Union countries ‡xEconometric models.
650 ⊔ 0 ‡aGlobal Financial Crisis, 2008-2009.
700 1 ⊔ ‡aStavrev, Emil.
700 1 ⊔ ‡aHarjes, Thomas, ‡d1969-
710 2 ⊔ ‡aInternational Monetary Fund. ‡bEuropean Dept.
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