The Eurosystem’s monetary policy following the end of net asset purchases

Autor:	Arce Hortigüela, Óscar Javier, Nuño Barrau, Galo, Thomas Borao, Carlos
Jazyk:	angličtina
Rok vydání:	2019
Předmět:	Instrumentos de la política monetaria Bancos centrales y otras autoridades monetarias Política monetaria Tipos de interés Unconventional monetary policy E58 Central bank balance sheet Reinvestments E52 E4
Zdroj:	Repositorio Institucional del Banco de España Banco de España
Popis:	Artículo de revista 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
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=dedup_wf_001::458af2b74ace7e37a61914b36a92e78f https://repositorio.bde.es/handle/123456789/9043 Zobrazit plný text záznamu