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dc.contributor.authorArce Hortigüela, Óscar Javier
dc.contributor.authorNuño Barrau, Galo
dc.contributor.authorThomas Borao, Carlos
dc.coverage.spatialZona euro
dc.date.accessioned2019-08-14T07:51:10Z
dc.date.available2019-08-14T07:51:10Z
dc.date.issued2019-02-21
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/9043
dc.descriptionArtículo de revista
dc.description.abstractThis article analyses the monetary policy conduct framework in the euro area following the end of net purchases under the financial asset purchase programme. First, there is a review of the monetary policy measures since 2014 and of the ECB’s announcements on the future course of its instruments, comparing the recent changes in euro area monetary policy with the normalisation of US monetary conditions initiated by the Federal Reserve in 2013. Second, the authors analyse the main instruments currently available to the ECB (forward guidance on interest rates and its asset portfolio reinvestment policy), and discuss how both instruments provide monetary stimulus in the current setting
dc.language.isoeng
dc.relation.ispartofEconomic bulletin / Banco de España. Analytical articles
dc.relation.ispartofEconomic bulletin / Banco de España , n. 1, 2019, 11 p
dc.relation.hasversionVersión en español 123456789/8442
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectCentral bank balance sheet
dc.subjectUnconventional monetary policy
dc.subjectReinvestments
dc.subjectPolítica monetaria
dc.titleThe Eurosystem’s monetary policy following the end of net asset purchases
dc.typeArtículo
dc.identifier.bdebib000465148
dc.identifier.bdepubECBU-2019-1B-art04
dc.subject.bdePolítica monetaria
dc.subject.bdeBancos centrales y otras autoridades monetarias
dc.subject.bdeInstrumentos de la política monetaria
dc.subject.bdeTipos de interés
dc.subject.jelE52
dc.subject.jelE58
dc.subject.jelE4
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