Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/231523 
Erscheinungsjahr: 
2020
Quellenangabe: 
[Journal:] Journal of the European Economic Association [ISSN:] 1542-4766 [Volume:] 18 [Issue:] 1 [Publisher:] Oxford University Press [Place:] Oxford [Year:] 2020 [Pages:] 202-231
Verlag: 
Oxford University Press, Oxford
Zusammenfassung: 
We study the macroeconomic effects of unconventional monetary policy in the euro area using structural vector autoregressions, identified with external instruments. The instruments are based on the common unexpected variation in euro area sovereign yields for different maturities on policy announcement days. We first show that expansionary monetary surprises are effective at lowering public and private interest rates and increasing economic activity, consumer prices, and inflation expectations. We then document that the shocks lead to a rise in primary public expenditures and a widening of internal trade balances.
DOI der veröffentlichten Version: 
Dokumentart: 
Article
Dokumentversion: 
Accepted Manuscript (Postprint)

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.