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Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 3/2023
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We study asymmetric inflation effects of both conventional and unconventional monetary policy in the euro area during the period of low nominal interest rates. We find that rate cuts are inflationary also during low interest rates. Positive quantitative easing surprises have a deflationary effect, but negative quantitative easing surprises have no inflationary effects. This result may be explained by information effects. The effect of monetary policy depends on the size of policy surprise and is lower during recessions than during booms. We also provide evidence that interest rate policy, forward guidance and quantitative easing are complementary to one another.
Schlagwörter: 
Monetary policy
asymmetric effects
inflation
JEL: 
E50
E31
ISBN: 
978-952-323-432-1
Dokumentart: 
Working Paper

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