Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/204818 
Year of Publication: 
2019
Series/Report no.: 
MAGKS Joint Discussion Paper Series in Economics No. 23-2019
Publisher: 
Philipps-University Marburg, School of Business and Economics, Marburg
Abstract: 
In this paper we distinguish the responses of conventional and unconventional monetary policy measures on macroeconomic variables, using a high frequency data set which measures the impact of the ECB's monetary policy decisions. For the period 2002:01 to 2019:06 we show that unconventional and conventional monetary policy measures differ considerably with respect to inflation. While conventional measures show the expected response, i.e. an interest rate cut increases inflation and vice versa, unconventional measure appear to have no significant influence. But this holds not for QE, which is found to have similar influence on inflation as conventional interest rate changes.
Subjects: 
Unconventional Monetary Policy
High-Frequency Data
ECB
JEL: 
E52
E58
C36
Document Type: 
Working Paper

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