euro area long-term interest rates by about 1.55 percentage points, which is in line with previous studies that document a … perspective, as they show that the phenomenon of lower long-term interest rates due to foreign bond buying is not exclusive to the …

upon Pappadà (2011). ECB (CompNet) data are used to measure the differences infirm size and productivity dispersion across …

of the ECB’s asset purchase programmes. We define sudden stops as abrupt declines in private net financial inflows, i … programmes implemented by the ECB since 2015 have overall almost halved the risk of severe sudden stops in euro area countries …

account and interest rate. Examining the VAR impulse responses for Germany, Italy and Spain we find that investment shocks and … preference shocks drive the current account and interest rates in the opposite directions. By contrast, external demand shocks … and productivity shocks cause both the current account balance and interest rate to move in the same direction. We also …

This paper aims to make two contributions: to review the ECB's non-standard monetary policy measures in response to the … ECB's nonstandard measures differs from that underlying quantitative easing policies. As a complement to rather than a … substitute for standard interest rate decisions, the non-standard measures are aimed at supporting the effective transmission of …