This paper uses reprojection to develop a benchmark to assess ECB monetary policy since January 1999, the start of EMU … in place during the EMU period is significantly lower than it would have been in case the Bundesbank were still in charge … German monetary policy is then reprojected onto the EMU period (1999:01-2001:08). We find that the German real interest rate …

This paper uses reprojection to develop a benchmark to assess ECB monetary policy since January 1999, the start of EMU … in place during the EMU period is significantly lower than it would have been in case the Bundesbank were still in charge … German monetary policy is then reprojected onto the EMU period (1999:01-2001:08). We find that the German real interest rate …

recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current … of the EMU.The following Section II (“The Impact of the Three Major Crises During the Period 2007-2021”) develops on how … crisis have affected the conduct of monetary policy by the European Central Bank (ECB) within the Eurosystem, have led to the …

We identify a novel dimension of monetary policy from high-frequency changes in asset prices around ECB policy events … QE programmes such as the APP launched by the ECB in 2015 aimed to extract duration risk. When including our market …

, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using eventstudies and …

international equity markets, the US-dollar exchange rate and US treasuries. A similar pre-drift exists before ECB monetary policy …