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 …

The global financial crisis hit hard in the euro area, the United Kingdom, and Japan. Real
GDP from peak to trough contracted by about 6 percent in the euro area and the United …

We estimate the effects of exogenous innovations to the balance sheet of the ECB since the
start of the financial crisis within a structural VAR framework. An expansionary balance sheet …

On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a
comprehensive view of the ECB's monetary policy over these two decades. The first section …

We compare the findings of central bank researchers and academic economists regarding
the macroeconomic effects of quantitative easing (QE). We find that central bank papers find …

We quantify the macroeconomic effects of the European Central Bank's unconventional
monetary policies using a dynamic stochastic general equilibrium model which includes a …

We exploit the Eurosystem's longer-term refinancing operations (LTROs) of 2011–2012 to
assess whether a large provision of central bank liquidity to banks during a financial crisis …

We examine the effects of all three major European Central Bank (ECB) unconventional
monetary policies since 2011 for euro area banks' holdings of loans, government securities …

ABSTRACT On June 1, 2018, the European Central Bank (ECB) celebrated its 20th
anniversary. This paper provides a comprehensive view of the ECB's monetary policy over …