Hidden Bibliographic Details
| Other authors / contributors: | Harjes, Thomas, 1969- author.
Stavrev, Emil, author.
International Monetary Fund. European Department.
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| ISBN: | 1462315402
9781462315406
1451873328
9781451873320
9786612843952
6612843950
1452752087
9781452752082
1282843958
9781282843950
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| 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.
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| 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.
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| Other form: | Print version: Čihák, Martin. Euro area monetary policy in uncharted waters. Washington, D.C. : International Monetary Fund, ©2009
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