The ECB's policy measures during the COVID-19 crisis

Pierpaolo Benigno, Paolo Canofari, Giovanni Di Bartolomeo () and Marcello Messori

No 207, Working Papers in Public Economics from Department of Economics and Law, Sapienza University of Roma

Abstract: This paper illustrates the ECB's monetary policies, implemented in response to the Covid-19 crisis, and discusses their macroeconomic impact. By using an event-based analysis, it argues that these policies have stabilised the economic and financial system by incentivising banks' lending to households and businesses and by indirectly creating short-term fiscal capacity for those euro-area member states characterised by high government debt/GDP ratio.

Keywords: Covid-19; ECB policy announcements; Financial market volatility; ECB policy reaction; Event-study analysis; Bank and Government borrowing costs (search for similar items in EconPapers)
JEL-codes: E44 E52 E58 (search for similar items in EconPapers)
Pages: 25
Date: 2021-11
New Economics Papers: this item is included in nep-ban, nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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