Title: The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework since 2009
Abstract: Download This Paper Open PDF in Browser Add Paper to My Library Share: Permalink Using these links will ensure access to this page indefinitely Copy URL The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework since 2009 ECB Occasional Paper No. 135 54 Pages Posted: 29 Aug 2012 See all articles by Fabian EserFabian EserEuropean Central Bank (ECB)Marta Carmona AmaroBanco de EspañaStefano IacobelliBank of ItalyMarc RubensNational Bank of Belgium Date Written: June 29, 2012 Abstract This paper provides a comprehensive overview of the use of the Eurosystem’s monetary policy instruments and the operational framework from the first quarter of 2009 until the second quarter 2012. The paper discusses in detail, from a liquidity management perspective, the standard and non-standard monetary policy measures taken over this period. The paper reviews the evolution of the Eurosystem balance sheet, participation in tender operations, the outright purchase programmes, patterns of reserve fulfilment, recourse to standing facilities as well as the steering of money market interest rates. Keywords: Monetary policy implementation, central bank operational framework, central bank liquidity management, non-standard monetary policy measures JEL Classification: D02, E43, E58, E65 Suggested Citation: Suggested Citation Eser, Fabian and Carmona Amaro, Marta and Iacobelli, Stefano and Rubens, Marc, The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework since 2009 (June 29, 2012). ECB Occasional Paper No. 135, Available at SSRN: https://ssrn.com/abstract=2096275 Fabian Eser European Central Bank (ECB) ( email ) Sonnemannstrasse 22Frankfurt am Main, 60314Germany Marta Carmona Amaro (Contact Author) Banco de España ( email ) Alcala 50Madrid 28014Spain Stefano Iacobelli Bank of Italy ( email ) Via Nazionale 91Rome, 00184Italy Marc Rubens National Bank of Belgium ( email ) Brussels, B-1000Belgium Download This Paper Open PDF in Browser Do you have a job opening that you would like to promote on SSRN? Place job opening Paper statistics Downloads 196 Abstract Views 1,445 rank 196,156 49 References PlumX Metrics Related eJournals European Central Bank Research Paper Series Follow European Central Bank Research Paper Series Subscribe to this free journal for more curated articles on this topic FOLLOWERS 8,640 PAPERS 2,857 European Economics: Macroeconomics & Monetary Economics eJournal Follow European Economics: Macroeconomics & Monetary Economics eJournal Subscribe to this fee journal for more curated articles on this topic FOLLOWERS 1,205 PAPERS 16,073 This Journal is curated by: Marco Da Rin at Tilburg University, Department of Finance, Francesco Giavazzi at University of Bocconi - Innocenzo Gasparini Institute for Economic Research (IGIER)National Bureau of Economic Research (NBER) Recommended Papers Specification Analysis of Affine Term Structure Models By Qiang Dai and Kenneth J. Singleton Specification Analysis of Affine Term Structure Models By Qiang Dai and Kenneth J. Singleton A No-Arbitrage Vector Autoregression of Term Structure Dynamics with Macroeconomic and Latent Variables By Andrew Ang and Monika Piazzesi A No-Arbitrage Vector Autoregression of Term Structure Dynamics with Macroeconomic and Latent Variables By Andrew Ang and Monika Piazzesi Bond Risk Premia By John H. Cochrane and Monika Piazzesi Expectation Puzzles, Time-Varying Risk Premia, and Dynamic Models of the Term Structure By Qiang Dai and Kenneth J. Singleton Expectation Puzzles, Time-Varying Risk Premia, and Dynamic Models of the Term Structure By Qiang Dai and Kenneth J. Singleton Expectation Puzzles, Time-Varying Risk Premia, and Dynamic Models of the Term Structure By Qiang Dai and Kenneth J. Singleton Expectation Puzzles, Time-Varying Risk Premia, and Dynamic Models of the Term Structure By Qiang Dai and Kenneth J. Singleton Testing Continuous-Time Models of the Spot Interest Rate By Yacine Ait-sahalia Feedback Feedback to SSRN Feedback (required) Email (required) Submit If you need immediate assistance, call 877-SSRNHelp (877 777 6435) in the United States, or +1 212 448 2500 outside of the United States, 8:30AM to 6:00PM U.S. Eastern, Monday - Friday. Submit a Paper Section 508 Text Only Pages SSRN Quick Links SSRN Solutions Research Paper Series Conference Papers Partners in Publishing Jobs & Announcements Newsletter Sign Up SSRN Rankings Top Papers Top Authors Top Organizations About SSRN SSRN Objectives Network Directors Presidential Letter Announcements Contact us FAQs Copyright Terms and Conditions Privacy Policy We use cookies to help provide and enhance our service and tailor content. To learn more, visit Cookie Settings. This page was processed by aws-apollo5 in 0.234 seconds