out. Third, over the last decade, the role of economic activity for ECB monetary policy has decreased so that inflation …This paper analyzes the interest rate setting of the European Central Bank (ECB) both before and after the outbreak of … uncertainty driven by heterogeneity in the ECB decision-making body, the governing council. Our results suggest the following …

This paper assesses the effects of monetary policy shocks on the macroeconomy and the euro area banking sector after …-based structural credit risk model are embedded in a large macro-financial quarterly database covering the period 2008Q4-2019Q4. A … study finds that unconventional monetary policy, in particular the Asset Purchase Program of the European Central Bank …

-cooperative banks and relationship-based cooperative banks both increase credit risk under accommodating monetary policy. However, we …Financial theory indicates that low interest rates hamper credit risk and profitability, two interrelated components of …-taking channel of monetary policy for consolidated cooperative banks. Further, the profitability of relationship-based cooperative …

This paper documents the channels through which U.S. monetary policy impacts the sovereign bond yields of emerging … (`clean') term premium and compensation for credit risk. I use these decompositions to analyze the transmission channels of U ….S. monetary policy surprises identified with intraday data. I find that the responses of emerging market yields to target, forward …

. We use the ECB's workhorse estimated DSGE model and contrast actual policy conduct against alternative strategies which …We evaluate how the euro area economy would have performed since mid-2021 under alternative monetary policy strategies … evaluating monetary policy on real-time quarterly vintages of incoming data and projections, the alternative interest rate paths …

resilience in response to the monetary policy stances of the Bundesbank and the ECB, respectively. We estimate two-way fixed … types is much more heterogeneous after the inception of the ECB. In particular, decreasing resilience of Large Banks is … effects panel regression models for both periods separately. The results suggest that monetary policy was more effective in …

resilience in response to the monetary policy stances of the Bundesbank and the ECB, respectively. We estimate two-way fixed … types is much more heterogeneous after the inception of the ECB. In particular, decreasing resilience of Large Banks is … effects panel regression models for both periods separately. The results suggest that monetary policy was more effective in …

. We use the ECB's workhorse estimated DSGE model and contrast actual policy conduct against alternative strategies which …We evaluate how the euro area economy would have performed since mid-2021 under alternative monetary policy strategies … evaluating monetary policy on real-time quarterly vintages of incoming data and projections, the alternative interest rate paths …

Following the end of the coronavirus pandemic, the European Central Bank (ECB) was confronted with an unprecedented … increase in energy prices. This led to consumer price inflation in the euro area far beyond the ECB's inflation target of two … the ECB facing conflicting objectives of stabilizing the economy and combating inflation. Estimates show that while the …