Evaluating the Macroeconomic Effects of the ECB's Unconventional Monetary Policies
By Sarah Mouabbi, Jean-Guillaume Sahuc. Journal of Money, Credit and Banking, 2019
118 citations recorded by the source corpus.
We quantify the macroeconomic effects of the European Central Bank’s unconventional monetary policies using a DSGE model which includes a set of shadow interest rates. Extracted from the yield curve, these shadow rates provide unconstrained measures of the overall stance of monetary policy. Counterfactual analyses show that, without unconventional measures, the euro area would have suffered (i) a substantial loss of output since the Great Recession and (ii) a period of deflation from mid-2015 to early 2017. Specifically, year-on-year inflation and GDP growth would have been on average about 0.61% and 1.09% below their actual levels over the period 2014Q1-2017Q2, respectively.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/9dabc1f524d7e80b287cfdf7b168b70b5cda0d98
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Citations in the corpus
- A Tale of Two Decades: The Ecb's Monetary Policy at 20 (2019, methodology): “For an early introduction to the ECB’s monetary analysis, including an analysis of the counterparts of monetary aggregates, see Papademos and Stark (ed) (2010). 50 At the press conference that day, President Duisenberg downplayed an M3 growth rate higher than the reference value as “presumably refle”