Unconventional Monetary Policy in Theory and in Practice

The effectiveness of monetary policy in steering money market rates during the financial crisis

“…Our estimates suggest that the significant increase in the outstanding amounts associated with open market operations as of October 2008 caused Euribor rates to decline by more than 80 basis points. Cecioni et al (2011). We provide new evidence on the drivers of euro area money market rates, i.e.…”

The management of interest rate risk during the crisis: Evidence from Italian banks

“…Ginette Eramo provided invaluable help in constructing the dataset used in the empirical analysis. 2 See, for example, European Central Bank (2011) and Cecioni et al (2011) for a discussion of the effectiveness of unconventional monetary policy measures adopted by the ECB and the U.S. Federal Reserve. 3 The slope of the yield curve is measured by the difference between the 10-year government bond yield and 3month Euribor rate.…”

The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross‐Country Analysis

“…For a survey and comparison of the estimated effects of recent large‐scale asset purchases on 10‐year yields, see Williams (). Cecioni, Ferrero, and Secchi () provide a survey of the evidence on the effectiveness of the various unconventional monetary policy measures adopted by the Federal Reserve and the Eurosystem. Overall, these studies find that such policies were effective in reducing financial market risk spreads or yields.…”