Giannone, Domenico; Altavilla, Carlo; Lenza, Michèle - European Centre for Advanced Research in Economics and … - 2014
This study evaluates the macroeconomic effects of Outright Monetary Transaction (OMT)announcements by the European Central Bank (ECB). Using high-frequency data, we find that OMTannouncements decreased the Italian and Spanish 2-year government bond yields by about 2percentage points, while...