Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/241263 
Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] International Finance [ISSN:] 1468-2362 [Volume:] 24 [Issue:] 2 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2021 [Pages:] 236-256
Verlag: 
Wiley, Hoboken, NJ
Zusammenfassung: 
We distinguish the announcement effects of conventional and unconventional monetary policy measures on macroeconomic variables using a high-frequency data set that measures the impact of the European Central Bank's monetary policy decisions. For the period 2002 to 2019, we show that conventional and unconventional monetary policy measures differ considerably in their impact on inflation. While conventional measures show the expected response, that is, an interest rate cut increases inflation, unconventional measures appear to generally have no significant influence. However, this does not hold for quantitative easing, which is found to have a similar influence on inflation as the conventional interest rate changes.
Schlagwörter: 
European central bank
high‐frequency data
information shock
unconventional monetary policy
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Dokumentart: 
Article
Dokumentversion: 
Published Version

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