EconPapers    
Economics at your fingertips  
 

Beggar-Thy-Neighbor? The International Effects of ECB Unconventional Monetary Policy Measures

Kristina Bluwstein and Fabio Canova ()

International Journal of Central Banking, 2016, vol. 12, issue 3, 69-120

Abstract: This paper examines the effects of unconventional monetary policy measures by the European Central Bank on nine European countries not adopting the euro with a novel Bayesian mixed-frequency structural vector autoregressive technique. Unconventional monetary policy disturbances generate important domestic fluctuations. The wealth, the risk, and the portfolio rebalancing channels matter for international propagation; the credit channel does not. The responses of foreign output and inflation are independent of the exchange rate regime. International spillovers are larger in countries with more advanced financial systems and a larger share of domestic banks. A comparison with conventional monetary policy disturbances and with announcement surprises is provided.

Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11) Track citations by RSS feed

Downloads: (external link)
http://www.ijcb.org/journal/ijcb16q3a2.pdf (application/pdf)
http://www.ijcb.org/journal/ijcb16q3a2.htm (text/html)

Related works:
Working Paper: Beggar-thy-neighbor? The international effects of ECB unconventional monetary policy measures (2015) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ijc:ijcjou:y:2016:q:3:a:2

Access Statistics for this article

International Journal of Central Banking is currently edited by Loretta J. Mester

More articles in International Journal of Central Banking from International Journal of Central Banking
Bibliographic data for series maintained by Bank for International Settlements ().

 
Page updated 2019-10-01
Handle: RePEc:ijc:ijcjou:y:2016:q:3:a:2