Although macroeconomic effects of asset purchases are intensively discussed, the literature addressing "tapering" is rather thin. Using a broad definition of tapering the study considers three tapering scenarios within a Dynamic Stochastic Equilibrium Model: A reduction of net purchases in the...

In the short- to medium-run, non-standard monetary policy helps to stimulate the economy and stabilize financial markets. However, it is also widely acknowledged that side effects tend to materialize in the medium- to long-run. Thus, the time dimension is a crucial factor in assessing the...

In the short- to medium-run, non-standard monetary policy helps to stimulate the economy and stabilize financial markets. However, it is also widely acknowledged that side effects tend to materialize in the medium- to long-run. Thus, the time dimension is a crucial factor in assessing the...

Although macroeconomic effects of asset purchases are intensively discussed, the literature addressing "tapering" is rather thin. Using a broad definition of tapering the study considers three tapering scenarios within a Dynamic Stochastic Equilibrium Model: A reduction of net purchases in the...

The notes in this compilation assess the implications and risks stemming from persistent fragmentation of euro area financial markets for the transmission of monetary policy and discuss feasible policy options which may be effective in reducing this fragmentation. The papers prepared by the...

The notes in this compilation assess the implications and risks stemming from persistent fragmentation of euro area financial markets for the transmission of monetary policy and discuss feasible policy options which may be effective in reducing this fragmentation. The papers prepared by the...

Speculation on Bitcoin, the evolution of money in the digital age, and the underlying blockchain technology are attracting growing interest. In the context of the Eurosystem, this briefing paper analyses the legal nature of privately issued virtual currencies (VCs), the implications of VCs for...