This paper studies the effect of central banks’ targeted refinancing operations on bank lending. It utilizes data from the European Central Bank’s targeted longer-term refinancing operations (TLTROs) together with monthly bank level balance sheet data from multiple countries. The effect of...

This paper estimates the effect of the European Central Banks's monetary policy on the term structure of expected stock market risk premia. Expected stock market premia are solved using analysts' dividend forecasts, the Eurostoxx 50 stock index and Eurostoxx 50 dividend futures. Although...

This doctoral dissertation analyses the transmission of monetary policy. It applies a variety of empirical methods to study how conventional and unconventional monetary policy measures transmit to different macroeconomic and financial variables. The first article analyses the effect of monetary...

We analyze the economic performance of different monetary policy strategies, or rules, in a low interest rate environment, using simulations with a DSGE model which has been estimated for the euro area. We study how often the effective lower bound of interest rates (ELB) is likely to bind, and...

We evaluate the effects of targeted credit injections of the central bank in the euro area. The aggregate policy impacts of credit easing on financial markets, bank lending and key macroeconomic variables are measured with a novel identification approach based on high-frequency web search data....

This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010–2020. We find changes in the pass-through as policy rates first dip below zero in 2014 and again when negative interest rates become more...

This paper estimates the effect of monetary policy on the term structure of stock market risk premia. Stock market risk premia are solved using analysts’ dividend forecasts and dividend future prices. Although risk-free rates have decreased after the global financial crisis, the results...