This study evaluates the macroeconomic effects of Outright Monetary Transaction (OMT)
announcements by the European Central Bank (ECB). Using high-frequency data, we find …

We evaluate the effects of three European Central Bank (ECB) policies (the Securities
Markets Programme (SMP), the Outright Monetary Transactions (OMT), and the Long-Term …

We compare the market pricing of euro area government bonds and the corresponding
Credit Default Swaps (CDSs). In particular, we analyse the “basis” defined as the difference …

Tangled Governance addresses the institutions that were deployed to fight the euro crisis, re-
establish financial stability, and prevent contagion beyond Europe. The author addresses …

We analyze lender of last resort (LOLR) lending during the European sovereign debt crisis.
Using a novel data set on all central bank lending and collateral, we show that weakly …

This paper evaluates the impact of the ECB's unconventional policies on bank and
government borrowing costs. We employ event-based regressions to assess and compare …

This paper studies the effects of ECB communications about unconventional monetary
policy operations on the sovereign spreads of Greece, Ireland, Italy, Portugal, and Spain …

The response of major central banks to the global financial crisis has revived the debate
around the interactions between monetary policy (MP) and bank stability. This technical …

This paper compares the macroeconomic impact of conventional and unconventional ECB
policy actions on the euro area and its spillover to six EU countries outside the euro area …

This paper investigates the role of unconventional monetary policy as a source of time-
variation in the relationship between sovereign bond yield spreads and their fundamental …