Eurozone monetary policy works through credit channel, paper argues
Unconventional monetary policy shocks have most effect in financial crisis
Eurozone monetary policy has strong credit channel effects, a working paper published by the Netherlands Bank argues.
In The impact of the ECB's conventional and unconventional monetary policies on stock markets, Reinder Haitsma, Deren Unalmis and Jakob de Haan examine the reaction of the Euro Stoxx 50 index to ‘surprises' in both conventional and unconventional monetary policy in the eurozone. They also examine the reactions of stocks in 19 different sectors of the eurozone economy.
They
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