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The use of the Eurosystem’s monetary policy instruments and operational framework since 2012

Author

Listed:
  • Alvarez, Inmaculada
  • Prior Soares, Rita Isabel
  • Rubens, Marc
  • Pasqualone, Filippo
  • Russo, Michelina Lo
  • Jakovicka, Julija
  • Herrala, Niko
  • Hemous, Christophe
  • Helmus, Caspar
  • Eser, Fabian
  • Duering, Alexander
  • Luca, Marino De
  • Casavecchia, Fabio
  • Zennaro, Fabrizio

Abstract

This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the third quarter of 2012 until the first quarter of 2016. The paper reviews the context of Eurosystem market operations, counterparty and collateral framework, participation in tender operations, recourse to standing facilities, patterns of reserve fulfilment, outright asset purchase programmes, as well as the impact of the ECB’s monetary policy implementation on the Eurosystem's balance sheet and liquidity conditions. JEL Classification: D02, E43, E58, E65, G01

Suggested Citation

  • Alvarez, Inmaculada & Prior Soares, Rita Isabel & Rubens, Marc & Pasqualone, Filippo & Russo, Michelina Lo & Jakovicka, Julija & Herrala, Niko & Hemous, Christophe & Helmus, Caspar & Eser, Fabian & Du, 2017. "The use of the Eurosystem’s monetary policy instruments and operational framework since 2012," Occasional Paper Series 188, European Central Bank.
    • Handle: RePEc:ecb:ecbops:2017188
    Note: 2838224
    as

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    File URL: https://www.ecb.europa.eu//pub/pdf/scpops/ecb.op188.en.pdf
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    References listed on IDEAS

    as
    1. Breckenfelder, Johannes & De Fiore, Fiorella & Andrade, Philippe & Karadi, Peter & Tristani, Oreste, 2016. "The ECB's asset purchase programme: an early assessment," Working Paper Series 1956, European Central Bank.
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    Cited by:

    1. repec:pal:compes:v:60:y:2018:i:4:d:10.1057_s41294-018-0074-4 is not listed on IDEAS
    2. Stefano Neri & Stefano Siviero, 2018. "The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks," Credit and Capital Markets, Credit and Capital Markets, vol. 51(4), pages 513-560.

    More about this item

    Keywords

    Central bank liquidity management; Central bank operational framework; monetary policy implementation; Non-standard monetary policy measures;

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G01 - Financial Economics - - General - - - Financial Crises

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