We examine the impact of the ECB’s asset purchase programmes on euro area non-financial firms’ cost of borrowing and … corporate bond spreads, and that the ECB’s purchases of covered bonds spilled over to corporate bond. Results show that the CSPP …

This paper investigates the financial market effects of the ECB's communication on the Pandemic Emergency Purchase … Programme (PEPP). Using data for 10 euro area countries, we first analyse the impact of different communication channels such as … press releases, ECB blog contributions, speeches and interviews on changes in government bond spreads. Second, we assess …

This paper analyses persistence differences in financial structure across countries of the euro area and whether they … can lead to asymmetries in the transmission of the ECB policy. First, the paper examines the pass-through of money market … time by virtue of the implementation of the single monetary policy, money market integration and the growth of debt …

The use of cash in the euro area is declining. Accordingly, the European Central Bank is exploring options for the … design of a digital euro as a form of central bank money available to the public. This article addresses the key question of … whether the Eurosystem is empowered to issue a digital euro and, if so, in what form. Based on a historical, teleological, and …

have led to a significantly different economic performance of euro area economies. For instance, if the ECB had not put in …This paper aims at assessing the macroeconomic impact of unconventional monetary policies (UMPs) that the ECB has put … in place in the euro area after the 2007 financial crisis. With this purpose, we first document how the relative …

difference-in-differences strategy to show that the announcement of ECB euro liquidity lines has a direct positive signalling … positive spillbacks to the euro area since domestic bank equity prices increase by 6.7% in euro area countries highly exposed …