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How effective are unconventional monetary policies? Through which mechanisms do they work? This discussion paper contains a detailed presentation of the new scientific evidence we reported in the policy brief, and adds to the relatively scarce literature in this field. →

How effective are unconventional monetary policies? Through which mechanisms do they work? This discussion paper contains a detailed presentation of the new scientific evidence we reported in the policy brief, and adds to the relatively scarce literature in this field. →

In this paper we investigate whether the targeted longer-term refinancing operations (TLTRO) and the asset purchase program (APP) led to lower interest rates on new corporate credit, and whether the signalling channel and the capital relief channel played any role in the transmission of these ECB policies. →

In this paper we investigate whether the targeted longer-term refinancing operations (TLTRO) and the asset purchase program (APP) led to lower interest rates on new corporate credit, and whether the signalling channel and the capital relief channel played any role in the transmission of these ECB policies. →

According to the Melitz (2003) model, potential exporters have to be sufficiently productive to overcome the entry costs of foreign markets. Once firms pass this productivity threshold, they all export. However, empirical evidence indicates that a substantial share of high-productive firms do not export. →

According to the Melitz (2003) model, potential exporters have to be sufficiently productive to overcome the entry costs of foreign markets. Once firms pass this productivity threshold, they all export. However, empirical evidence indicates that a substantial share of high-productive firms do not export. →

The question is no longer if, but when and how unconventional monetary policy will be phased out. The undoing of the unconventional policies will affect European economies, just as their build up stimulated the euro area economy. →

The question is no longer if, but when and how unconventional monetary policy will be phased out. The undoing of the unconventional policies will affect European economies, just as their build up stimulated the euro area economy. →

Rapportage voor de Tweede Kamer over de internationale en nationale macro-economische ontwikkelingen in samenhang met ontwikkelingen in de financiële sector. →

Rapportage voor de Tweede Kamer over de internationale en nationale macro-economische ontwikkelingen in samenhang met ontwikkelingen in de financiële sector. →