ECB monetary communications: Market fragmentation at stake?

被引：1
|
作者：
Jouvanceau, Valentin [1 ]
Mikaliunaite-Jouvanceau, Ieva [1 ,2 ]
机构：
[1] Bank Lithuania, Totoriu g 4, LT-01121 Vilnius, Lithuania
[2] Vilnius Univ, Sauletekio al 9, LT-10105 Vilnius, Lithuania
来源：
ECONOMICS LETTERS | 2023年 / 225卷
关键词：
Market fragmentation risk; High-frequency identification; ECB communications; POLICY;
D O I：
10.1016/j.econlet.2023.111050
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We provide evidence that monetary policy in the Euro Area can unintentionally produce market fragmentation risk. This risk is estimated from changes in long-term bond yields around ECB monetary policy communications between 2002 and 2021. These shocks cause longer-term bond yields in periphery countries to rise significantly, which ultimately hurts their economies. The time series of these shocks are publicly available.(c) 2023 Elsevier B.V. All rights reserved.
引用
收藏
页数：5
相关论文
共 50 条
12345