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

Inmaculada Alvarez, Fabio Casavecchia, Marino De Luca, Alexander Duering, Fabian Eser, Caspar Helmus, Christophe Hemous, Niko Herrala, Julija Jakovicka, Michelina Lo Russo, Filippo Pasqualone, Marc Rubens, Rita Soares and Fabrizio Zennaro ; Beatrice Amaladasse, Geneviève Deanaz, Benoit Hallinger, William Hilebrand, Annette Kamps, Danielle Kedan, Judith Kilp, Evi Koch, Louisa König, Rolf Pauli, Dion Reijnders, Marc Resinek, Martin Treinies, Olivier Vergote

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.

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Year of publication:	May 2017
Authors:	Alvarez, Inmaculada ; Casavecchia, Fabio ; De Luca, Marino ; Duering, Alexander ; Eser, Fabian ; Helmus, Caspar ; Hemous, Christophe ; Herrala, Niko ; Jakovicka, Julija ; Lo Russo, Michelina ; Pasqualone, Filippo ; Rubens, Marc ; Soares, Rita ; Zennaro, Fabrizio
Other Persons:	Amaladasse, Beatrice (contributor) ; Deanaz, Geneviève (contributor) ; Hallinger, Benoit (contributor) ; Hilebrand, William (contributor) ; Kamps, Annette (contributor) ; Kedan, Danielle (contributor) ; Kilp, Judith (contributor) ; Koch, Evi (contributor) ; König, Louisa (contributor) ; Pauli, Rolf (contributor) ; Reijnders, Dion (contributor) ; Resinek, Marc (contributor) ; Treinies, Martin (contributor) ; Vergote, Olivier (contributor)
Publisher:	Frankfurt am Main, Germany : European Central Bank
Subject:	Monetary policy implementation \| Central bank operational framework \| Central bank liquidity management \| Non-standard monetary policy measures \| Geldpolitik \| Monetary policy \| Zentralbank \| Central bank \| Offenmarktpolitik \| Open market operations \| Mindestreserve \| Reserve requirements \| Eurozone \| Euro area \| Bankenliquidität \| Bank liquidity \| Wechselkurspolitik \| Exchange rate policy \| Theorie \| Theory

Extent:	1 Online-Ressource (circa 76 Seiten) Illustrationen
Series:	Occasional paper series / European Central Bank. - Frankfurt, M. : European Central Bank, ISSN 1725-6534, ZDB-ID 2123791-8. - Vol. no 188 (May 2017)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature
Language:	English
ISBN:	978-92-899-2850-2
Other identifiers:	10.2866/112727 [DOI] hdl:10419/175730 [Handle]
Classification:	D02 - Institutions: Design, Formation, and Operations ; E43 - Determination of Interest Rates; Term Structure Interest Rates ; E58 - Central Banks and Their Policies ; E65 - Studies of Particular Policy Episodes ; G01 - Financial Crises
Source:	ECONIS - Online Catalogue of the ZBW

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