Ouerk SalimaNational bank of Belgium
Monetary policy Unit - Reseach department
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We assess transmission mechanisms and the macroeconomic impact of unconventional monetary policy (UMP) in the Euro Area. We estimate a FAVAR model and use a shadow rate to measure the stance of the monetary policy. The ECB's UMP measures adopted at the zero lower bound (ZLB) have sustained the real economy. For instance, in 2016, without UMP, inves...