Avouyi-Dovi, Sanvi; Idier, Julien - In: Journal of Banking & Finance 36 (2012) 2, pp. 428-438
government debt securities market, since these assets are used as collateral both in the open market operations of the ECB and on … existence of two regimes. In one of them, which we refer to as the conventional regime, monetary policy neutrality is verified …; in the other, which we dub the unconventional regime, monetary policy operations lead to volatility and liquidity premia …