Comment on Measuring euro area monetary policy by Carlo Altavilla, Luca Brugnolini, Refet Gurkaynak, Giuseppe Ragusa and Roberto Motto

• 成果类型: Editorial Material
• 署名作者: Wright, Jonathan H.
• 署名单位: Johns Hopkins University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.08.017
• 发表日期: 2019
• 页码: 180-184
• 关键词: Monetary policy; European debt crisis; sovereign spreads

摘要

Most of the time, ECB monetary policy can be characterized as working through the term structure of riskfree OIS rates, as considered in the paper by Carlo Altavilla and his coauthors. But some very important policy actions over the European debt crisis instead work mainly through sovereign spreads. The database constructed by the authors can also be used to analyze monetary policy surprises that work through these spreads. (C) 2019 Elsevier B.V. All rights reserved.