This paper discusses the evolution of central bank communication, focusing on recent efforts
by central banks to engage with a wider audience via social media. We document the social …

Abstract Launched in Summer 2012, the European Central Bank's (ECB) Outright Monetary
Transactions (OMT) program indirectly recapitalized European banks through its positive …

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 …

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 paper evaluates the impact of quantitative easing on income and wealth of individual
euro area households. We first estimate the aggregate effects of a quantitative easing (QE) …

This paper assesses the financial market impact of ECB unconventional monetary policy
between 2007 and 2012. The paper looks at a broad range of asset prices and portfolio …

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 …

This chapter analyses the empirical literature on the effectiveness of unconventional
monetary policies (UMP) in responding to financial crises and boosting economic activity. It …

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 …