effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX … management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback … equity prices increase by around 1.75% in euro area countries highly exposed via banking linkages to countries whose …

We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even … during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to … operate, but at a decreased efficiency. We also find some evidence that the ECB's non-standard measures, namely the …

money in forecasting euro-area inflation. We compare the predictive performance within and among various classes of …

of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about … available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication … clarity compared to ECB's press releases. In particular, the Bulletins contain useful clarifying information on individual …

policy frameworks and the fiscal support in the U.S. and euro area during the pandemic. Moving from a previous target of … "below, but close to 2 percent" to a formal symmetric inflation targeting regime in the euro area or from flexible to average … in the U.S. and the euro area, and a slower withdrawal of fiscal support in the euro area, have a similar impact on …

This paper reviews the trade-offs involved in the choice of the ECB's monetary policy operational framework. As long as … the ECB's supply of reserves remains well in excess of the banks' demand, the ECB will likely continue to employ a floor … steep part of the reserves demand function, the ECB will face a choice between a corridor system and some variant of a floor …

subsample of euro area countries, we show that a) the pass-through in the post-pandemic hiking cycle has been heterogenous … non-financial corporation loans and time deposits in euro area countries; c) differences in pass-through over time and …