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The People's Bank of China (PBoC) has taken numerous measures to cushion the impacts of the COVID-19 health crisis on … pricing signals, we employ a dynamic-factor modeling approach to derive an indicator of China's monetary policy stance. Our … underlying unobserved component. We use the derived indicator to trace the response of the PBoC to the coronavirus pandemic. The …
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In response to the COVID-19 pandemic, G7 central banks have launched asset purchase programs in anticipation of an increase in government bond offerings to finance ballooning fiscal deficits. As the volume of government bonds owned by private investors is not expected to rise during the current...
Persistent link: https://www.econbiz.de/10012833335
Whilst the magnitude and consequences of the outbreak can certainly not be compensated – at least for many, or even quantified, it is hoped that greater cooperation between global economies, will be fostered in the ongoing efforts to find a solution to address the outbreak. This paper is aimed...
Persistent link: https://www.econbiz.de/10012833679
Using transaction data from the first half of 2020, we examine the reaction of corporate credit spreads to the Federal Reserve's monetary policy announcements. We find evidence that the bond markets are segmented across credit ratings, which led to different initial reactions across bonds with...
Persistent link: https://www.econbiz.de/10012836542
Over the past few years, some observers have been warning that the Fed needs to update its operating framework to include a level target and the ability to implement direct cash transfers in special situations like the current crisis. They make the case that it is better for the Fed to provide...
Persistent link: https://www.econbiz.de/10012838303
In this contribution, we assess the main measures, already taken or currently contemplated by the EU, in reaction to the COVID-19 crisis to mitigate its impact on Eurozone economies. The discussion begins with the recent monetary policy decisions taken by the ECB (1). The focus then shifts to...
Persistent link: https://www.econbiz.de/10012838423
This study researches the impacts of foreign portfolio flows (proxied by foreign investors' retention share) and monetary policy responses (proxied by the repurchase interest rate) on Turkey's stock market index taking the COVID-19 pandemic into consideration. A volatility index, credit default...
Persistent link: https://www.econbiz.de/10012817952