{
  "title": "Euro Area Monetary Policy in Uncharted Waters",
  "publication": "IMF Working Papers, August 1, 2009",
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  "summary": "We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The paper analyzes the European Central Bank's (ECB's) response to the global financial crisis.\n- The core part of the ECB's monetary policy transmission—from policy rates to market rates—continued to operate during the crisis, but with decreased efficiency.\n- There is evidence that the ECB's non-standard measures reduced money market term spreads, facilitating pass-through from policy to market rates.\n- Results imply that the substantial increase in the ECB's balance sheet may have contributed to a reduction in government bond term spreads."
    },
    {
      "heading": "Non-standard measures and effects",
      "content": "- Identified non-standard measures:\n  - Lengthening of the maturity of monetary policy operations.\n  - Provision of funds at the fixed rate.\n- Observed effects:\n  - Reduction in money market term spreads.\n  - Improved pass-through from policy rates to market rates via narrower term spreads."
    },
    {
      "heading": "Monetary transmission and crisis efficiency",
      "content": "- Core transmission channel (policy rates → market rates):\n  - Continued to function during the global financial crisis.\n  - Functioned at a decreased efficiency relative to non-crisis periods.\n- Balance sheet effects:\n  - Substantial increase in the ECB's balance sheet is associated with a reduction in government bond term spreads."
    },
    {
      "heading": "Key statistics and identifiers",
      "content": "- Pages: 34\n- Volume: 2009\n- Issue: 185\n- Series: Working Paper No. 2009/185\n- DOI: https://doi.org/10.5089/9781451873320.001\n- Stock No: WPIEA2009185\n- ISBN: 9781451873320\n- ISSN: 1018-5941\n\nBy Emil Stavrev, Thomas Harjes, Martin Cihak; August 1, 2009.\n\n---\n\n Content in this bundle\n\n- Wp09185\n  - Wp09185 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp09185 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/euro-area-monetary-policy-in-uncharted-waters-23241"
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    "Authors: Emil Stavrev, Thomas Harjes, Martin Cihak",
    "Published: August 1, 2009",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451873320.001",
    "The paper analyzes the European Central Bank's (ECB's) response to the global financial crisis.",
    "The core part of the ECB's monetary policy transmission—from policy rates to market rates—continued to operate during the crisis, but with decreased efficiency.",
    "There is evidence that the ECB's non-standard measures reduced money market term spreads, facilitating pass-through from policy to market rates.",
    "Results imply that the substantial increase in the ECB's balance sheet may have contributed to a reduction in government bond term spreads.",
    "Identified non-standard measures:",
    "Observed effects:",
    "Core transmission channel (policy rates → market rates):",
    "Balance sheet effects:",
    "Pages: 34",
    "Volume: 2009",
    "Issue: 185",
    "Series: Working Paper No. 2009/185",
    "DOI: https://doi.org/10.5089/9781451873320.001",
    "Stock No: WPIEA2009185",
    "ISBN: 9781451873320",
    "ISSN: 1018-5941",
    "**Wp09185**"
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