With the implementation of the Eurosystem's asset purchase programme (APP), national central banks' TARGET balances have risen. For the European Central Bank, this reflects cross-border payments and portfolio rebalancing in the context of the APP. Minenna et al. (2018) disagree and claim that...

In response to our paper, 'ECB monetary expansions and euro area TARGET2 imbalances: a balance-of-payment-based decomposition,' Professor Andrea Terzi has criticized our approach of TARGET2 balance decomposition, by highlighting a lack of causality between balance-of-payments (BP) flows and...

We estimate international spillover effects of US Quantitative Easing (QE) on emerging market economies. Using a Bayesian VAR on monthly US macroeconomic and financial data, we first identify the US QE shock with non-recursive identifying restrictions. We estimate strong and robust macroeconomic...

This study seeks evidence supporting the impact of an expansionary monetary policy on the stock index value. We are trying to emphasize a negative relationship between a stock index value and a fluctuation of the long-term interest rates due to an excess supply of money. To that end, we have...

This paper is a comprehensive study of the discussion and empirical evidence about the impact of unconventional monetary policy on bond markets. The 2007/2008 Financial Crisis marks the beginning of a new monetary policy regime in which central banks engaged in different types of large scale...

In the aftermath of the financial crisis the Fed pursued a “near zero” overnight interest floor and initiatives to manipulate the size and composition of central bank assets. Bernanke referred to this policy as “credit easing.” I overview the succession of unconventional Fed measures...