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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 ...
Assessing targeted longer-term refinancing operations : identification through search intensity
(21.09.2023)
Bank of Finland Research Discussion Papers 13/2023
Bank of Finland Research Discussion Papers 13/2023
We evaluate the effects of targeted credit injections of the central bank in the euro area. The aggregate policy impacts of credit easing on financial markets, bank lending and key macroeconomic variables are measured with ...