scholarly journals The impact of unconventional monetary policy in the euro area. Structural and scenario analysis from a Bayesian VAR

2020 ◽  
Author(s):  
Anastasios Evgenidis ◽  
Stephanos Papadamou
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Scenario Analysis ◽  
Unconventional Monetary Policy ◽  
Bayesian Var ◽  
The Impact

scholarly journals Does Unconventional Monetary Policy Affect Bank Profitability in the Euro Area?

2020 ◽  
Vol 12 (1) ◽  
pp. 9
Author(s):  
Paolo Agnese ◽  
Paolo Capuano
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Euro Area ◽  
Unconventional Monetary Policy ◽  
Bank Profitability ◽  
Net Interest Margin ◽  
Policy Measures ◽  
The Impact ◽  
The Relationship ◽  
Interest Margin

This paper investigates the impact of unconventional monetary policy (UMP) on bank profitability in the euro area, over the period 2007-2019.In particular, through multiple regression models, we analyze the relationship between the UMP variables (Longer-term refinancing operations and Securities held for monetary policy purposes) and the main bank profitability variables used in the literature (Return on average equity, Return on average assets and Net interest margin).This work is original compared to recent studies on the subject as it considers the impact of UMP expressed in terms of volumes rather than in terms of interest rates on bank profitability variables.Our results suggest that the UMP adopted by the Eurosystem over the period considered is negatively associated with bank profitability expressed by the Return on average equity and the Return on average asset. By contrast, monetary policy measures do not seem to have had any effect on the Net interest margin. 

scholarly journals Unconventional Monetary Policy in the Euro Area: A Tale of Three Shocks

2021 ◽  
Author(s):  
Luca Fanelli ◽  
Antonio Marsi
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Unconventional Monetary Policy

scholarly journals Monetary Policy Surprises over Time

2018 ◽  
Vol 08 (01) ◽  
pp. 1840002 ◽  
Author(s):  
Marcello Pericoli ◽  
Giovanni Veronese
Keyword(s):  
Monetary Policy ◽  
Financial Markets ◽  
Interest Rates ◽  
Euro Area ◽  
Yield Curve ◽  
Sovereign Spreads ◽  
Definition Of ◽  
Term Premia ◽  
The Impact ◽  
Over Time

We document how the impact of monetary surprises on euro-area and US financial markets has changed from 1999 to date. We use a definition of monetary policy surprises, which singles out movements in the long-end of the yield curve — rather than those changing nearby futures on the central bank reference rates. By focusing only on this component of monetary policy, our results are more comparable over time. We find a hump-shaped response of the yield curve to monetary policy surprises, both in the pre-crisis period and since 2013. During the crisis years, Fed path-surprises, largely through their effect on term premia, account for the impact on interest rates, which is found to be increasing in tenor. In the euro area, the path-surprises reflect the shifts in sovereign spreads, and have a large impact on the entire constellation of interest rates, exchange rates and equity markets.

Effectiveness of Unconventional Monetary Policy in the Euro Area: An Assessment Based on a Literature Survey

2017 ◽  
Vol 50 (4) ◽  
pp. 455-488
Author(s):  
Salomon Fiedler, ◽  
Isabel Hanisch, ◽  
Nils Jannsen, ◽  
Maik Wolters
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Literature Survey ◽  
Unconventional Monetary Policy

Unconventional monetary policy and the credit channel in the euro area

2019 ◽  
Vol 185 ◽  
pp. 108695 ◽  
Author(s):  
Anastasios Evgenidis ◽  
Evangelos Salachas
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Credit Channel ◽  
Unconventional Monetary Policy

scholarly journals Complexity, Uncertainty, and Monetary Policy: Can the ECB Avoid the Unconventional Becoming the ‘New Normal’?

2019 ◽  
Vol 16 (1) ◽  
Author(s):  
Christopher A. Hartwell
Keyword(s):  
Monetary Policy ◽  
Structural Change ◽  
Central Bank ◽  
Euro Area ◽  
European Central Bank ◽  
Unresolved Issue ◽  
Unconventional Monetary Policy ◽  
New Normal ◽  
European Central

Abstract Worries about Italy and the unresolved issue of euro governance – coupled with uncertainty surrounding Brexit – means that the European Central Bank (ECB) may already be facing its next crisis in the euro area. Unfortunately, the ECB is still fighting the last war, deploying the tools of unconventional monetary policy to address lingering problems while unable institutionally to address needed structural change. This paper looks at the ECB as an institution amongst institutions and shows how even more unconventional approaches will not help to bolster the economy of the euro area. Indeed, given the complexity of money, the effects of expectations, and continued uncertainty, expanding the ECB’s unconventional arsenal is likely to have deleterious consequences across Europe.

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