2024-03-29T15:33:02Zhttps://repositorio.bde.es/oai/requestoai:repositorio.bde.es:123456789/90432023-12-11T12:00:29Zcom_123456789_21com_123456789_5862com_123456789_5861col_123456789_5901col_123456789_5884
Repositorio Institucional
author
Arce, Óscar
author
Nuño, Galo
author
Thomas, Carlos
2019-08-14T07:51:10Z
2019-08-14T07:51:10Z
2019-02-21
https://repositorio.bde.es/handle/123456789/9043
000465148
ECBU-2019-1B-art04
This 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
eng
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
Central bank balance sheet
Unconventional monetary policy
Reinvestments
Política monetaria
The Eurosystem’s monetary policy following the end of net asset purchases
Artículo
URL
https://repositorio.bde.es/bitstream/123456789/9043/1/be1901-art4e.pdf
File
MD5
2e5a4da3cc73a06ef1c7e7d757338769
642758
application/pdf
be1901-art4e.pdf
URL
https://repositorio.bde.es/bitstream/123456789/9043/2/be1901-art4e.pdf.txt
File
MD5
a2eb956c7d0978f94522709246058fb9
34217
text/plain
be1901-art4e.pdf.txt