Euro area monetary policy in uncharted waters /

Euro area monetary policy in uncharted waters /

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Bibliographic Details
Author / Creator:	Čihák, Martin, author.
Imprint:	Washington, D.C. : International Monetary Fund, ©2009.
Description:	1 online resource (34 pages) : color illustrations.
Language:	English
Series:	IMF working paper ; WP/09/185 IMF working paper ; WP/09/185.
Subject:	European Central Bank -- Econometric models. European Central Bank. Global Financial Crisis, 2008-2009. Financial crises -- European Union countries -- Econometric models. Banks and banking, Central -- European Union countries -- Econometric models. Monetary policy -- European Union countries -- Econometric models. Banks and banking, Central -- Econometric models. Econometric models. Financial crises -- Econometric models. Monetary policy -- Econometric models. European Union countries.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12495439

Hidden Bibliographic Details
Other authors / contributors:	Harjes, Thomas, 1969- author. Stavrev, Emil, author. International Monetary Fund. European Department.
ISBN:	1462315402 9781462315406 1451873328 9781451873320 9786612843952 6612843950 1452752087 9781452752082 1282843958 9781282843950
Notes:	At head of title: European Department. "August 2009." Includes bibliographical references (pages 33-34). Restrictions unspecified Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2011. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 English. digitized 2011 HathiTrust Digital Library committed to preserve Print version record.
Summary:	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.
Other form:	Print version: Čihák, Martin. Euro area monetary policy in uncharted waters. Washington, D.C. : International Monetary Fund, ©2009

Description
Summary:	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.
Item Description:	At head of title: European Department. "August 2009."
Physical Description:	1 online resource (34 pages) : color illustrations.
Format:	Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Bibliography:	Includes bibliographical references (pages 33-34).
ISBN:	1462315402 9781462315406 1451873328 9781451873320 9786612843952 6612843950 1452752087 9781452752082 1282843958 9781282843950