This paper evaluates the literature on international unconventional monetary policies
(UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in …

This study uses event-study methodology to estimate the impact of the COVID-19 pandemic
on the transmission of monetary policy to financial markets, based on a sample of 37 …

We develop a US monetary policy shock series that stably bridges periods of conventional
and unconventional policymaking, is largely unpredictable, and contains no significant …

Assessing the impact on sovereign yields of the euro area Asset Purchase Programme
(APP) is challenging, because the monetary policy announcement in January 2015 was …

Using international holdings data, we estimate a demand system for financial assets across
36 countries. The demand system provides a unified framework for decomposing variation in …

We estimate international spillover effects of US Quantitative Easing (QE) on emerging
market economies (EMEs). Using a Bayesian panel VAR we find that an expansionary US …

Financial market responses to Fed monetary policy announcements are often very small, but
sometimes very large and the mix of news contained in these announcements varies over …

We compare the macroeconomic and financial spillovers of the unconventional monetary
policies of the Fed and the ECB. Monetary policy tightenings in the two areas are followed …

Modeling nominal interest rates requires to take into account the effective lower bound
(ELB). We propose a flexible time‐series approach that includes a “shadow rate”—a …

For the academic audience, this paper presents the outcome of a well-identified, large
change in the monetary policy rule from the lens of a standard New Keynesian model and …