比较欧元区和美国传统和非常规货币政策的影响

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2025-09-02 DOI:10.1016/j.intfin.2025.102203

Fernando Ballabriga , Karen Davtyan

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引用次数: 0

摘要

我们使用一致的框架来比较欧元区（EA）和美国（US）传统和非常规货币政策的宏观经济影响。我们发现，在常规政策时期，货币政策对价格的影响更大。我们用非常规政策期间自然利率水平较低来解释这一结果。同时，货币政策对失业率和金融变量的影响在常规和非常规政策时期之间更具可比性。我们还发现，就其目标影响而言，非常规货币政策在欧洲的有效性低于美国，我们将这一结果归因于央行制度设计的差异。

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Comparing conventional and unconventional monetary policy effects in the euro area and the United States

We use a consistent framework to compare the macroeconomic effects of conventional and unconventional monetary policy in the euro area (EA) and the United States (US). We find that monetary policy has a stronger effect on prices for the conventional policy period. We interpret this result by the lower level of the natural rate of interest during the unconventional policy period. At the same time, the effects of monetary policy on the unemployment rate and financial variables are more comparable between the conventional and the unconventional policy periods. We also find that the effectiveness of unconventional monetary policy in terms of its target impact is lower in the EA than in the US, a result we attribute to differences in central bank institutional design.

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.