Stavrev, Emil; Harjes, Thomas; Cihák, Martin - International Monetary Fund (IMF) - 2009
We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even … during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to … operate, but at a decreased efficiency. We also find some evidence that the ECB's non-standard measures, namely the …