A1129
Title: Euro area monetary policy effects: Does the shape of the yield curve matter?
Authors: Barbara Rossi - Universitat Pompeu Fabra and ICREA (Spain) [presenting]
Giulia Sestieri - Bank of France (France)
Maria Sole Pagliari - Bank of France (France)
Adrian Penalver - Bank of France (France)
Florens Odendahl - Banque de France (France)
Abstract: The effects of monetary policy in the euro area are investigated. The novelty is that we use the information from movements in the entire yield curve around monetary policy events to shed light on the efficacy of monetary policy. We find that the way quantitative easing announcements, as well as speeches of ECB Presidents, shape expectations inherent in the term structure matter in shaping the response of key macroeconomic variables.
