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The ECB’s non-standard monetary policy measures: the role of institutional factors and financial structure

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  1. repec:hal:spmain:info:hdl:2441/7986np0ssj9fu9fg833t5dehhf is not listed on IDEAS
  2. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2014. "Dealing with the ECB's triple mandate?," Post-Print hal-01072114, HAL.
  3. Sergio Cesaratto, 2017. "Alternative interpretations of a stateless currency crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(4), pages 977-998.
  4. Victor Echevarria Icaza & Simón Sosvilla-Rivero, 2017. "Yields on sovereign debt, fragmentation and monetary policy transmission in the euro area: A GVAR approach," Working Papers 17-01, Asociación Española de Economía y Finanzas Internacionales.
  5. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2014. "Les enjeux du triple mandat de la BCE," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 175-186.
  6. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2019. "European Small Business Finance Outlook: December 2019," EIF Working Paper Series 2019/61, European Investment Fund (EIF).
  7. repec:hal:spmain:info:hdl:2441/5ijkqb693t96eroonv2394h9ig is not listed on IDEAS
  8. Barut, M.-L. & Rouillé, N. & Sanchez, M., 2015. "The impact of the new regulatory paradigm on the role of banks in financing the economy," Financial Stability Review, Banque de France, issue 19, pages 89-100, April.
  9. Cour-Thimann, Philippine & Jung, Alexander, 2020. "Interest rate setting and communication at the ECB," Working Paper Series 2443, European Central Bank.
  10. Gibson, Heather D. & Hall, Stephen G. & Tavlas, George S., 2016. "The effectiveness of the ECB's asset purchase programs of 2009 to 2012," Journal of Macroeconomics, Elsevier, vol. 47(PA), pages 45-57.
  11. Calomiris, Charles W. & Flandreau, Marc & Laeven, Luc, 2016. "Political foundations of the lender of last resort: A global historical narrative," Journal of Financial Intermediation, Elsevier, vol. 28(C), pages 48-65.
  12. Céline Antonin & Christophe Blot & Paul Hubert & Fabien Labondance & Catherine Mathieu & Christine Rifflart & Vincent Touzé, 2013. "Politiques monétaires : est-ce le début de la fin ?," Post-Print hal-01072109, HAL.
  13. Winkler, Adalbert, 2013. "Der lender of last resort vor Gericht," Frankfurt School - Working Paper Series 206, Frankfurt School of Finance and Management.
  14. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2020. "The role of ECB monetary policy and financial stress on Eurozone sovereign yields," Empirical Economics, Springer, vol. 59(3), pages 1189-1211, September.
  15. Carlos Rodríguez & Carlos A. Carrasco, 2016. "ECB Policy Responses between 2007 and 2014: A Chronological Analysis and an Assessment of Their Effects," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(4), pages 455-473, September.
  16. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2015. "Que peut-on attendre de l’assouplissement quantitatif de la BCE ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(2), pages 265-290.
  17. Christopher Bowdler & Amar Radia, 2012. "Unconventional monetary policy: the assessment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 28(4), pages 603-621, WINTER.
  18. Ms. Yevgeniya Korniyenko & Ms. Elena Loukoianova, 2015. "The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions," IMF Working Papers 2015/287, International Monetary Fund.
  19. Christophe Blot & Jérôme Creel & Xavier Ragot, 2019. "The Euro at 20: a critical assessment," Working Papers hal-03403622, HAL.
  20. PhilippineCour-Thimann, 2013. "CESifo Forum Special Issue April 2013: Target Balances and the Crisis in the Euro Area," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 0, pages 05-50, May.
  21. repec:hal:spmain:info:hdl:2441/c5gs2rgi93abt1s4jkeabou1 is not listed on IDEAS
  22. Besancenot, Damien & Vranceanu, Radu, 2014. "Experimental evidence on the ‘insidious’ illiquidity risk," Research in Economics, Elsevier, vol. 68(4), pages 315-323.
  23. Hassler, Uwe & Rodrigues, Paulo M.M. & Rubia, Antonio, 2014. "Persistence in the banking industry: Fractional integration and breaks in memory," Journal of Empirical Finance, Elsevier, vol. 29(C), pages 95-112.
  24. Aristei, David & Gallo, Manuela, 2014. "Interest rate pass-through in the Euro area during the financial crisis: A multivariate regime-switching approach," Journal of Policy Modeling, Elsevier, vol. 36(2), pages 273-295.
  25. Piotr Fiszeder & Ilona Pietryka, 2018. "Monetary policy in steering the EONIA and POLONIA rates in the Eurosystem and Poland: a comparative analysis," Empirical Economics, Springer, vol. 55(2), pages 445-470, September.
  26. Bernhard, Severin & Ebner, Till, 2017. "Cross-border spillover effects of unconventional monetary policies on Swiss asset prices," Journal of International Money and Finance, Elsevier, vol. 75(C), pages 109-127.
  27. Richhild Moessner, 2015. "Effects of ECB balance sheet policy announcements on inflation expectations," Applied Economics Letters, Taylor & Francis Journals, vol. 22(6), pages 483-487, April.
  28. Céline Antonin & Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance & Vincent Touzé, 2014. "Comment lutter contre la fragmentation du système bancaire de la zone euro ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 171-219.
  29. Buch, Claudia M. & Körner, Tobias & Weigert, Benjamin, 2013. "Towards Deeper Financial Integration in Europe: What the Banking Union Can Contribute," IWH Discussion Papers 13/2013, Halle Institute for Economic Research (IWH).
  30. Kraemer-Eis, Helmut & Passaris, George & Tappi, Alessandro & Inglisa, Giovanni, 2015. "SME Securitisation – at a crossroads?," EIF Working Paper Series 2015/31, European Investment Fund (EIF).
  31. Helen Louri & Petros M. Migiakis, 2016. "Bank Lending Margins in the Euro Area: The Effects of Financial Fragmentation and ECB Policies," LEQS – LSE 'Europe in Question' Discussion Paper Series 105, European Institute, LSE.
  32. repec:hal:spmain:info:hdl:2441/53ccj34tat80tq7f6ff0qvvjtj is not listed on IDEAS
  33. repec:spo:wpmain:info:hdl:2441/c5gs2rgi93abt1s4jkeabou1 is not listed on IDEAS
  34. repec:prg:jnlpep:v:preprint:id:631:p:1-19 is not listed on IDEAS
  35. Armando Marozzi, 2021. "The ECB and the Cost of Independence. Unearthing a New Doom-Loop in the European Monetary Union," BAFFI CAREFIN Working Papers 21152, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
  36. Haitsma, Reinder & Unalmis, Deren & de Haan, Jakob, 2016. "The impact of the ECB's conventional and unconventional monetary policies on stock markets," Journal of Macroeconomics, Elsevier, vol. 48(C), pages 101-116.
  37. Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2017. "Eurozone bond market dynamics, ECB monetary policy and financial stress," SciencePo Working papers Main hal-03458554, HAL.
  38. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69.
  39. Ad Van Riet, 2017. "The ECB’s Fight against Low Inflation: On the Effects of Ultra-Low Interest Rates," IJFS, MDPI, vol. 5(2), pages 1-27, April.
  40. Holton, Sarah & Rodriguez d’Acri, Costanza, 2018. "Interest rate pass-through since the euro area crisis," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 277-291.
  41. Fernando Avalos & Emmanuel C Mamatzakis, 2018. "Euro area unconventional monetary policy and bank resilience," BIS Working Papers 754, Bank for International Settlements.
  42. Sergio Cesaratto, 2013. "The implications of TARGET2 in the European balance of payments crisis and beyond," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(3), pages 359-382.
  43. Burietz, Aurore & Picault, Matthieu, 2023. "To lend or not to lend? The ECB as the ‘intermediary of last resort’," Economic Modelling, Elsevier, vol. 122(C).
  44. Winkler, Adalbert, 2014. "The lender of last resort in court," Frankfurt School - Working Paper Series 207, Frankfurt School of Finance and Management.
  45. Smith, Ariel, 2020. "The European Central Bank's Securities Markets Programme (ECB GFC)," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 2(3), pages 369-381, April.
  46. S. Pásztor & N. Szijartó, 0. "Internal devaluation and its macroeconomic consequences in the EU periphery - a comparison of the Iberian and Baltic countries," International Trade and Trade Policy, ФГБОУ ВО "Ð Ð¾Ñ Ñ Ð¸Ð¹Ñ ÐºÐ¸Ð¹ Ñ ÐºÐ¾Ð½Ð¾Ð¼Ð¸Ñ‡ÐµÑ ÐºÐ¸Ð¹ ÑƒÐ½Ð¸Ð²ÐµÑ€Ñ Ð¸Ñ‚ÐµÑ‚ им. Г.Ð’. Плеханова", issue 4.
  47. Pellegrino, Giovanni, 2018. "Uncertainty and the real effects of monetary policy shocks in the Euro area," Economics Letters, Elsevier, vol. 162(C), pages 177-181.
  48. repec:spo:wpmain:info:hdl:2441/8vns9so6b9pnqfo7eebjgfann is not listed on IDEAS
  49. Diessner, Sebastian & Lisi, Giulio, 2019. "Masters of the ‘masters of the universe’? Monetary, fiscal and financial dominance in the Eurozone," LSE Research Online Documents on Economics 100754, London School of Economics and Political Science, LSE Library.
  50. Joshua Aizenman, 2013. "The Eurozone Crisis: Muddling through on the Way to a More Perfect Euro Union?," Social Sciences, MDPI, vol. 2(4), pages 1-13, October.
  51. Wang, Ling, 2019. "Measuring the effects of unconventional monetary policy on MBS spreads: A comparative study," The North American Journal of Economics and Finance, Elsevier, vol. 49(C), pages 235-251.
  52. Jung, Alexander, 2018. "Does McCallum’s rule outperform Taylor’s rule during the financial crisis?," The Quarterly Review of Economics and Finance, Elsevier, vol. 69(C), pages 9-21.
  53. Xavier Timbeau & Ofce Observatoire Français Des Conjonctures Économiques, 2014. "From austerity to stagnation how to avoid the deflation trap," SciencePo Working papers Main hal-03603164, HAL.
  54. Armando Marozzi, 2021. "The ECB and the Cost of Independence. Unearthing a New Doom-Loop in the European Monetary Union," BAFFI CAREFIN Working Papers 21152, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
  55. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2019. "European Small Business Finance Outlook: June 2019," EIF Working Paper Series 2019/57, European Investment Fund (EIF).
  56. Agata Wierzbowska, 2015. "Financial markets in CEE countries and their role in transmission of euro area monetary policy shocks," European Journal of Business and Economics, Central Bohemia University, vol. 10(2), pages 7321:10-732, January.
  57. repec:spo:wpmain:info:hdl:2441/5vh68vsbm9akb9r0rkcdi4tmi is not listed on IDEAS
  58. repec:spo:wpmain:info:hdl:2441/7986np0ssj9fu9fg833t5dehhf is not listed on IDEAS
  59. Peter G. Dunne & Michael J. Fleming & Andrey Zholos, 2013. "ECB monetary operations and the interbank repo market," Staff Reports 654, Federal Reserve Bank of New York.
  60. P.A.V.B. Swamy & Stephen G. Hall & George S. Tavlas & I-Lok Chang & Heather D. Gibson & William H. Greene & Jatinder S. Mehta, 2016. "A Method for Measuring Treatment Effects on the Treated without Randomization," Econometrics, MDPI, vol. 4(2), pages 1-23, March.
  61. Lang, Frank & Signore, Simone & Gvetadze, Salome, 2016. "The role of cooperative banks and smaller institutions for the financing of SMEs and small midcaps in Europe," EIF Working Paper Series 2016/36, European Investment Fund (EIF).
  62. Xavier Timbeau, 2013. "La crise sur un plateau. Perspectives 2013-2014," Post-Print hal-03460759, HAL.
  63. Milošević Andriana & Jemović Mirjana, 2017. "Non-Standard Measures of the Monetary Policy – Mechanism for Overcoming Problems in the Implementation of the Neoliberal Concept of Monetary Policy During a Financial Crisis," Economic Themes, Sciendo, vol. 55(4), pages 465-480, December.
  64. Mr. Ali J Al-Eyd & Pelin Berkmen, 2013. "Fragmentation and Monetary Policy in the Euro Area," IMF Working Papers 2013/208, International Monetary Fund.
  65. Jens Klose, 2018. "Determinants of the Eurosystem's Central Banks Provisions," Scottish Journal of Political Economy, Scottish Economic Society, vol. 65(4), pages 328-349, September.
  66. Rainer Masera, 2016. "Elementi per una rilettura dell’articolo di Paolo Sylos Labini: “Inflazione, disoccupazione e banca centrale: temi per una riconsiderazione critica” (Notes on Paolo Sylos Labini’s “Inflation, unemploy," Moneta e Credito, Economia civile, vol. 69(273), pages 121-134.
  67. Győrffy, Dóra, 2014. "Válság és válságkezelés Görögországban. A puha költségvetési korlát szerepe a gazdasági összeomlásban [Crisis and crisis management in Greece. The role of soft budget constraints in the economic co," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 27-52.
  68. Everett, Mary M., 2015. "International liquidity and the European sovereign debt crisis: Was euro area unconventional monetary policy successful?," HIT-REFINED Working Paper Series 23, Institute of Economic Research, Hitotsubashi University.
  69. Apergis, Nicholas & Christou, Christina, 2015. "The behaviour of the bank lending channel when interest rates approach the zero lower bound: Evidence from quantile regressions," Economic Modelling, Elsevier, vol. 49(C), pages 296-307.
  70. repec:wsr:wpaper:y:2015:i:143 is not listed on IDEAS
  71. Dietrich Domanski & Richhild Moessner & William R. Nelson, 2014. "Central banks as lender of last resort: experiences during the 2007-2010 crisis and lessons for the future," Finance and Economics Discussion Series 2014-110, Board of Governors of the Federal Reserve System (U.S.).
  72. Anne-Marie Rieu-Foucault, 2018. "Les interventions de crise de la FED et de la BCE diffèrent-elles ?," Working Papers hal-04141702, HAL.
  73. Rodríguez-Vives, Marta & Giron, Celestino, 2017. "Leverage interactions: a national accounts approach," Statistics Paper Series 19, European Central Bank.
  74. Kraemer-Eis, Helmut & Lang, Frank & Gvetadze, Salome, 2014. "European Small Business Finance Outlook: December 2014," EIF Working Paper Series 2014/26, European Investment Fund (EIF).
  75. Christophe Blot & Jérôme Creel & Xavier Ragot, 2019. "The Euro at 20: a critical assessment," Post-Print hal-03403622, HAL.
  76. Carlos Rodriguez & Carlos A. Carrasco, 2014. "ECB Policy Responses between 2007 and 2014: a chronological analysis and a money quantity assessment of their effects," Working papers wpaper65, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  77. Helen Louri & Petros M. Migiakis, 2015. "Determinants of euro-area bank lending margins: financial fragmentation and ECB policies," Working Papers 198, Bank of Greece.
  78. Reimers, Hans-Eggert, 2013. "Remarks on the euro crisis," Wismar Discussion Papers 05/2013, Hochschule Wismar, Wismar Business School.
  79. Bucher, Monika & Neyer, Ulrike, 2014. "Der Einfluss des (negativen) Einlagesatzes der EZB auf die Kreditvergabe im Euroraum," DICE Ordnungspolitische Perspektiven 64, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  80. Silvia T. Trifonova, 2021. "Extraordinary Actions Of The Ecb In Response To The Coronavirus Pandemic," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 15(1), pages 1-23.
  81. Daniela Gabor, 2014. "Learning from Japan: The European Central Bank and the European Sovereign Debt Crisis," Review of Political Economy, Taylor & Francis Journals, vol. 26(2), pages 190-209, April.
  82. Ad Van Riet, 2017. "A New Era For Monetary Policy: Challenges For The European Central Bank," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 62(01), pages 57-86, March.
  83. Wang, Ling, 2020. "Unconventional monetary policy and stock repurchases: Firm-level evidence from a comparison between the United States and Japan," Research in International Business and Finance, Elsevier, vol. 51(C).
  84. Samarina, Anna & Zhang, Lu & Bezemer, Dirk, 2017. "Credit cycle coherence in the eurozone: Was there a euro effect?," Journal of International Money and Finance, Elsevier, vol. 77(C), pages 77-98.
  85. Carlos Bueno-Suárez & Daniel Coq-Huelva, 2020. "Sustaining What Is Unsustainable: A Review of Urban Sprawl and Urban Socio-Environmental Policies in North America and Western Europe," Sustainability, MDPI, vol. 12(11), pages 1-36, May.
  86. Dubecq, Simon & Monfort, Alain & Renne, Jean-Paul & Roussellet, Guillaume, 2016. "Credit and liquidity in interbank rates: A quadratic approach," Journal of Banking & Finance, Elsevier, vol. 68(C), pages 29-46.
  87. Wang, Ling, 2018. "Monetary-fiscal policy interactions under asset purchase programs: Some comparative evidence," Economic Modelling, Elsevier, vol. 73(C), pages 208-221.
  88. Khosravi, Taha, 2015. "The bank lending channel: An empirical analysis of EU accession countries from 2004-2013," MPRA Paper 66795, University Library of Munich, Germany.
  89. repec:hal:spmain:info:hdl:2441/5vh68vsbm9akb9r0rkcdi4tmi is not listed on IDEAS
  90. Maciej Ryczkowski, 2017. "Forward Guidance, Pros, Cons and Credibility," Prague Economic Papers, Prague University of Economics and Business, vol. 2017(5), pages 523-541.
  91. Gabriel Fagan & Paul McNelis, 2014. "TARGET Balances and Macroeconomic Adjustment to Sudden Stops in the Euro Area," The Institute for International Integration Studies Discussion Paper Series iiisdp465, IIIS, revised Dec 2014.
  92. Michal Jurek & Pawel Marszalek, 2015. "Policy alternatives for the relationship between ECB monetary and financial policies and new member states," Working papers wpaper112, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  93. Lubomira Gertler, 2015. "Interactions of Unconventional Monetary Policy Measures with the Euro Area Yield Curve," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 65(2), pages 106-126, March.
  94. Khosravi, Taha, 2015. "The Impact of a Low Interest Rate Environment: Empirical Evidence from the Euro Area Bank Lending Survey," MPRA Paper 67363, University Library of Munich, Germany.
  95. Cour-Thimann, Philippine & Jung, Alexander, 2021. "Interest-rate setting and communication at the ECB in its first twenty years," European Journal of Political Economy, Elsevier, vol. 70(C).
  96. Dietrich Domanski & Richhild Moessner & William Nelson, 2014. "Central banks as lenders of last resort: experiences during the 2007-10 crisis and lessons for the future," BIS Papers chapters, in: Bank for International Settlements (ed.), Re-thinking the lender of last resort, volume 79, pages 43-75, Bank for International Settlements.
  97. Maciej Ryczkowski, 2015. "Ewolucja pogladow Miltona Friedmana, a ocena polityki pienieznej Fed i EBC w okresie kryzysu finansowego," Working Papers 168/2015, Institute of Economic Research, revised Dec 2015.
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