ECB’s LTROs had ‘favourable effect’ on sovereign yields
The European Central Bank's (ECB) long-term refinancing operations (LTROs) have "in general" had a "favourable short-term effect" on government bond yields in the eurozone, according to a working paper published by the Netherlands Bank today.
The paper - Unconventional Monetary Policy of the ECB During the Financial crisis: An Assessment and New Evidence, by Christiaan Pattipeilohy, Jan Willem van den End, Mostafa Tabbae, Jon Frost and Jakob de Haan – uses market data to "tease out" the impact
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