Abstract:Due to the severity and persistence of the global financial crisis started in 2007, central banks all over the world have adopted Unconventional Monetary Policies (UMPs), including negative policy rates, longer-term refinancing operations and large-scale purchases of financial assets. In this study, by referring to a time-series regression analysis with Newey-West correction, we evaluate the impact of UMPs implemented by the Eurosystem over the period 2008-2019 on the stocks of euro area banks’ deposit from ho… Show more
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