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We study the interaction of expansionary rate-based monetary policy and quantitative easing, despite their concurrent implementation, by exploiting heterogeneous banks and the introduction of negative monetary-policy rates in a fragmented euro area. Quantitative easing increases credit supply...
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Eurosystem, which is presented in detail. It has been intensified with respect to several central bank objectives throughout the … Eurokrise hat das Eurosystem seine Pfänderpolitik mit Blick auf verschiedene Zentralbankziele stark intensiviert. Vergleichend … Politik des Eurosystems. Dazu wird der Datensatz der zentralbankfähigen Sicherheiten im Eurosystem von 2007 bis 2013 …
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We build a no-arbitrage model of the yield curves in a heterogeneous monetary union with sovereign default risk, which can account for the asymmetric shifts in euro area yields during the Covid-19 pandemic. We derive an affine term structure solution, and decompose yields into term premium and...
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This paper discusses the effects of the ECB's asset purchase programmes (APPs) on the SER spread, while the main focus … financial data and the consequent analysis was made on intraday and high-frequency (HF) 2015-2017 data. The ECB's APP, mainly … first three years of the PSPP implementation. Whether it was the "sovereign bond-based leg" directly affected by the ECB …
Persistent link: https://www.econbiz.de/10012201996
ECB's monetary policy to bring inflation up close to 2%, and that the instrument employed for QE is one of monetary policy … democracy under German constitutional law can actually provide the standard by which the ECB is to be measured, and how tight … judicial review could be exercised over the ECB without encroaching upon its autonomy in monetary policy matters - and thus …
Persistent link: https://www.econbiz.de/10011710041