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The effects of conventional and unconventional monetary policy : identification through the yield curve
(22.01.2020)
Bank of Finland Research Discussion Papers 3/2020
Bank of Finland Research Discussion Papers 3/2020
Since the Great Recession, the main evolution in monetary policy has been its attempts to affect the medium and the long-term interest rates with instruments other than the policy rate. Consequently, measuring the stance ...
Monetary policy rules and the effective lower bound in the Euro area
(08.04.2021)
Bank of Finland Research Discussion Papers 5/2021
Bank of Finland Research Discussion Papers 5/2021
We analyze the economic performance of different monetary policy strategies, or rules, in a low interest rate environment, using simulations with a DSGE model which has been estimated for the euro area. We study how often ...
Asymmetric effects of conventional and unconventional monetary policy when rates are low
(15.03.2023)
Bank of Finland Research Discussion Papers 3/2023
Bank of Finland Research Discussion Papers 3/2023
We study asymmetric inflation effects of both conventional and unconventional monetary policy in the euro area during the period of low nominal interest rates. We find that rate cuts are inflationary also during low interest ...
Monetary policy transmission below zero
(27.06.2023)
Bank of Finland Research Discussion Papers 11/2023
Bank of Finland Research Discussion Papers 11/2023
This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010–2020. We find changes in the pass-through as policy rates first dip below ...