October 2019 issue contents
Spillovers from the ECB's Non-standard Monetary Policy Measures on Southeastern Europe

Isabella Moder
European Central Bank

Abstract

This paper is the first to comprehensively assess the impact of the euro area's non-standard monetary policy measures on southeastern Europe. The outcomes of bilateral BVAR models suggest that the ECB's non-standard monetary policy measures have had pronounced price effects on all, and output effects on approximately half, of the countries in southeastern Europe. While I find evidence that exports have posed as relevant transmission channels in most cases, the role of the interbank market rate as a channel of shock transmission is less clear. Furthermore, the results suggest that exchange rates' responses have been relatively muted.


JEL Code: C11, C32, E52, F42.

 
Full article (PDF, 37 pages, 2350 kb)