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Unconventional monetary policy operations – to what extent is there an upside for central bank balance sheet risks?

Author

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  • Schwaab, Bernd
  • Caballero, Diego

Abstract

This article studies this question by revisiting the Eurosystem's experience during the euro area sovereign debt crisis between 2010 and 2012. In some instances, the Eurosystem was able to remove excess risk from parts of its balance sheet by extending the scale of its operations, in line with Bagehot's well-known assertion that occasionally "the brave plan is the safe plan." JEL Classification: G21, C33

Suggested Citation

  • Schwaab, Bernd & Caballero, Diego, 2019. "Unconventional monetary policy operations – to what extent is there an upside for central bank balance sheet risks?," Research Bulletin, European Central Bank, vol. 62.
    • Handle: RePEc:ecb:ecbrbu:2019:0062:
    Note: 955417
    as

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    More about this item

    Keywords

    central bank communication; lender-of-last-resort; portfolio credit risk; unconventional monetary policy;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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