Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/234723 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
MAGKS Joint Discussion Paper Series in Economics No. 25-2020
Verlag: 
Philipps-University Marburg, School of Business and Economics, Marburg
Zusammenfassung: 
In order to fight the economic consequences of the COVID-19 pandemic, monetary and fiscal policy announced a large variety of support packages which are often unprecedented in size. In this paper, we provide an empirical analysis of the responses of European financial markets to these policy announcements. The key contribution is a very granular set of policy announcements, both at the national and the European level. We also differentiate between the first announcement in a series of policies and the subsequent announcements because the initial steps were often seen as bad news about the state of the economy. In a panel model we find that monetary policy, inparticular through asset purchases, is effective in supporting the real economy and easing the pressure on governmental finances. Across all subsets of polices, it seems that monetary policy is more effective in supporting the stockmarket than national fiscal policy, though markets clearly distinguish between different types of policies.
Schlagwörter: 
event study
announcements
fiscal policy
monetary policy
European Monetary Union
JEL: 
E44
E52
E62
Dokumentart: 
Working Paper

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