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.
Authors
- Isabella Moder
JEL codes
- C11
- C32
- E52
- F42