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Cash is King – Effects of ECB’s Conventional and Unconventional Measures
In this paper we distinguish the responses of conventional and unconventional monetary policy measures on macroeconomic variables, using a high frequency data set which measures the impact of the ECB's monetary policy decisions. For the period 2002:01 to 2019:06 we show that unconventional and...
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| Udgivet i: | MAGKS - Joint Discussion Paper Series in Economics (Band 23-2019) |
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| Autoren: | , |
| Format: | Artikel |
| Sprog: | engelsk |
| Udgivet: |
Philipps-Universität Marburg
2019
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| Fag: | |
| Online adgang: | PDF-Volltext |
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| Summary: | In this paper we distinguish the responses of conventional and unconventional monetary policy measures on macroeconomic variables, using a high frequency data set which measures the impact of the ECB's monetary policy decisions. For the period 2002:01 to 2019:06 we show that unconventional and conventional monetary policy measures differ considerably with respect to inflation. While conventional measures show the expected response, i.e. an interest rate cut increases inflation and vice versa, unconventional measure appear to have no significant influence. But this holds not for QE, which is found to have similar influence on inflation as conventional interest rate changes. |
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| Fysisk beskrivelse: | 24 Seiten |
| ISSN: | 1867-3678 |
| DOI: | 10.17192/es2024.0618 |