SZCZERBOWICZ, Urszula - Research Institute of Economy, Trade and Industry (RIETI) - 2014
This paper evaluates the impact of the European Central Bank's (ECB) unconventional policies on bank and government … money market tensions and that (ii) asset purchases were the most effective in lowering the refinancing costs of banks and … borrowing costs. We employ event-based regressions to assess and compare the effects of asset purchases and exceptional …