Spillovers from the ECB's Non-standard Monetary Policy Measures on Southeastern Europe

Isabella Moder

International Journal of Central Banking, 2019, vol. 15, issue 4, 127-163

Abstract: This paper is the first to comprehensively assess the impact of the euro area's non-standard monetary policy measures on southeastern Europe. The outcomes of bilateral BVAR models suggest that the ECB's non-standard monetary policy measures have had pronounced price effects on all, and output effects on approximately half, of the countries in southeastern Europe. While I find evidence that exports have posed as relevant transmission channels in most cases, the role of the interbank market rate as a channel of shock transmission is less clear. Furthermore, the results suggest that exchange rates' responses have been relatively muted.

JEL-codes: C11 C32 E52 F42 (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations: View citations in EconPapers (18)

Downloads: (external link)
http://www.ijcb.org/journal/ijcb19q4a4.pdf (application/pdf)
http://www.ijcb.org/journal/ijcb19q4a4.htm (text/html)

Related works:
Working Paper: Spillovers from the ECB's non-standard monetary policy measures on south-eastern Europe (2017)
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:2019:q:4:a:4

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 ().