This paper studies the effects of ECB communications about unconventional monetary policy operations on the perceived … sovereign risk of Italy over the last five years. More than fifty events concerning non-standard operations are identified and … classified with respect to the specific ECB program. The empirical results are derived from both an event-study analysis and a …

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 …: First, the ECB acts according to its official mandate to maintain price stability and therefore to focus its decisions on …

euro area. Using proprietary data on purchases of public sector securities implemented by the Eurosystem, the paper … public debt auctions. The findings indicate that Eurosystem's asset purchase flows mitigate yield cycles during auction …

We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on … operations have contributed positively but more mildly to the economic activity. …

studying an extensive dataset of banks' liquidity uptake and pledged collateral in central bank repos. We document systemic … arbitrage whereby banks funnel credit risk and low-quality collateral to the central bank. Weaker banks use lower quality … collateral to demand disproportionately larger amounts of central bank money (liquidity). This holds both before and after the …

crisis shocks as well as the main Eurosystem non-standard monetary policy measures. The robust results imply that the crisis … price dispersion substantially decreases when the Eurosystem promises unlimited access to liquidity at a fixed price in …