We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic effects are measured using structural vector autoregressions. In the...

The COVID-19 shock hit firms hard, on average, but how did it hit in the distribution of firms, differently between the high-growth superstars and the firms that were already struggling to survive? This paper implements graphical techniques and quantile regression to analyse the effect of the...

We study asymmetric inflation effects of both conventional and unconventional monetary policy in the euro area during the period of low nominal interest rates. We find that rate cuts are inflationary also during low interest rates. Positive quantitative easing surprises have a deflationary...