01822cas a2200265 a 4500 AALejournalIMF006025 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451873320 1018-5941 BD-DhAAL BD-DhAAL Stavrev, Emil. Euro Area Monetary Policy in Uncharted Waters / Emil Stavrev, Thomas Harjes, Martin Cihak. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (34 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find some evidence that the ECB's non-standard measures, namely the lengthening of the maturity of monetary policy operations and the provision of funds at the fixed rate, reduced money market term spreads, facilitating the pass-through from policy to market rates. Furthermore, the results imply that the substantial increase in the ECB's balance sheet may have contributed to a reduction in government bond term spreads. Mode of access: Internet Cihak, Martin. Harjes, Thomas. IMF Working Papers; Working Paper ; No. 2009/185 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/185/001.2009.issue-185-en.xml IMF e-Library