The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework Since 2012

Posted: 13 Jun 2017

See all articles by Danielle Kedan

Danielle Kedan

Independent

Judith Kilp

Independent

Evi Koch

Independent

Louisa König

Independent

Rolf Pauli

Independent

Dion Reijnders

Independent

Marc Resinek

Independent

Martin Treinies

Independent

Olivier Vergote

European Central Bank (ECB)

Date Written: May 2, 2017

Abstract

This paper provides a comprehensive overview of the use of the Eurosystem’s monetary policy instruments and the operational framework from the third quarter of 2012 until the first quarter of 2016. The paper reviews the context of Eurosystem market operations, counterparty and collateral framework, participation in tender operations, recourse to standing facilities, patterns of reserve fulfilment, outright asset purchase programmes, as well as the impact of the ECB’s monetary policy implementation on the Eurosystem's balance sheet and liquidity conditions.

Keywords: monetary policy implementation, xentral bank operational framework, central bank liquidity management, non-standard monetary policy measures

JEL Classification: D02, E43, E58, E65, G01

Suggested Citation

Kedan, Danielle and Kilp, Judith and Koch, Evi and König, Louisa and Pauli, Rolf and Reijnders, Dion and Resinek, Marc and Treinies, Martin and Vergote, Olivier, The Use of the Eurosystem's Monetary Policy Instruments and Operational Framework Since 2012 (May 2, 2017). ECB Occasional Paper No. 188, Available at SSRN: https://ssrn.com/abstract=2985444

Judith Kilp

Independent ( email )

Evi Koch

Independent ( email )

Louisa König

Independent ( email )

Rolf Pauli

Independent ( email )

Dion Reijnders

Independent ( email )

Marc Resinek

Independent ( email )

Martin Treinies

Independent ( email )

Olivier Vergote

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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