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El impacto de las medidas no convencionales de política monetaria sobre las percepciones de eventos extremos en situaciones de crisis

Author

Listed:
  • Irma Alonso

Abstract

Los anuncios de medidas de política monetaria no convencionales del Banco Central Europeo y de la Reserva Federal han contribuido a reducir significativamente las percepciones de los mercados sobre la probabilidad de que ocurran eventos macrofinancieros extremos. Este fenómeno se ha producido en los períodos de mayor tensión en los mercados, como la crisis financiera global y la crisis actual del Covid-19. Con estas medidas, se ha mitigado la materialización de eventos extremadamente desfavorables a través del efecto de retroalimentación entre el sector financiero y la economía real, y se ha asegurado una adecuada transmisión de la política monetaria.

Suggested Citation

  • Irma Alonso, 2020. "El impacto de las medidas no convencionales de política monetaria sobre las percepciones de eventos extremos en situaciones de crisis," Boletín Económico, Banco de España, issue 4/2020.
    • Handle: RePEc:bde:joures:y:2020:i:12:d:aa:n:42
    Note: Artículos Analíticos
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    More about this item

    Keywords

    política monetaria no convencional; riesgo de cola; incertidumbre; densidades neutrales al riesgo; eventos extremos.;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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