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|z 9781451873320
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|a 1018-5941
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|a Stavrev, Emil.
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|a Euro Area Monetary Policy in Uncharted Waters /
|c Emil Stavrev, Thomas Harjes, Martin Cihak.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2009.
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|a 1 online resource (34 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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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|a Mode of access: Internet
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|a Cihak, Martin.
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|a Harjes, Thomas.
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|a IMF Working Papers; Working Paper ;
|v No. 2009/185
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2009/185/001.2009.issue-185-en.xml
|z IMF e-Library
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