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

To overcome the limits on traditional monetary policy imposed by the effective lower bound
on short-term interest rates, in recent years the Federal Reserve and other advanced …

We analyse the impact of standard and non-standard monetary policy on bank profitability.
We use both proprietary and commercial data on individual euro area bank balance-sheets …

The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look
back on the ECB's record and learn lessons that can improve the conduct of policy in the …

We evaluate the effects on asset prices of the ECB asset purchase program (APP)
announced in January 2015 and assess its main transmission channels. We do so by first …

This study evaluates the macroeconomic effects of Outright Monetary Transaction (OMT)
announcements by the European Central Bank (ECB). Using high-frequency data, we find …

What are the effects of monetary policy on exchange rates? And have unconventional
monetary policies changed the way monetary policy is transmitted to international financial …

For decades, macroeconomists have attempted to quantify the effects of monetary policy
actions on the economy. By now, a large literature has documented the transmission …

21st Century Monetary Policy takes readers inside the Federal Reserve, explaining what it
does and why. In response to the COVID-19 pandemic, the Federal Reserve deployed an …

We assess empirically whether monetary policy announcements impact firm expectations.
Two features of our data set are key. First, we rely on a survey of production and price …