We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on …

This paper studies the effects of ECB communications about unconventional monetary policy operations on the perceived … classified with respect to the specific ECB program. The empirical results are derived from both an event-study analysis and a … that the ECB announcements about unconventional monetary policies substantially reduced Italian long-term government bond …

pragmatic question in this context is: Did delegating monetary policy to the ECB increase stress in the individual euro area …

Bank (ECB) cannot outperform its national predecessors, as the euro area countries experience different business cycles yet … share a common interest rate. However, the present analysis shows that the ECB’s common monetary policy has been more adept … renationalize economic and monetary policy; the ECB’s monetary policy should not be a scapegoat. …

, and thus an important factor for its credibility and policy effectiveness. This paper analyses the coverage which ECB … that the press critically discusses the ECB’s policy decisions in the context of prior market expectations and of the … inflation environment, and that the media’s coverage of decisions is generally highly responsive to ECB communication – in …

Using daily data on inflation-indexed bonds, we find evidence of a negative relationship between ECB communication … start of a tightening of ECB monetary policy was increasingly likely. This suggests that communication should be closely in …

in the ECB's encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering …

actually implementing interest rate changes. The method is applied to ECB rate setting between 1999 and 2010 by estimating a … delivers a less aggressive policy rule as the ECB was constrained by the lower bound on nominal interest rates. The ECB's non …

This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution …. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under … that the ECB may well stand out positively when compared to other important euro-area or national authorities involved in …