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首页> 外文期刊>German economic review >Country-specific euro area government bond yield reactions to ECB's non-standard monetary policy program announcements
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Country-specific euro area government bond yield reactions to ECB's non-standard monetary policy program announcements

机译：国家特定的欧元区政府债券收益对欧洲央行的非标货币政策方案公告的反应

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摘要

This paper employs event study methods to evaluate the effects of ECB's non-standard monetary policy program announcements on 10-year government bond yields of 11 euro area member states. Measurable effects of announcements arise with a one-day delay meaning that government bond markets take some time to react to ECB announcements. The country-specific extent of yield reduction seems inversely related to the solvency rating of the corresponding countries. The spread between core and periphery countries reduces because of a stronger decrease in the latter. This result is confirmed by letting the announcement variable interact with the current spread level.
机译：本文采用事件研究方法来评估欧洲央行非标货币政策方案公告对10年欧元区成员国的10年政府债券收益率的影响。公告的可衡量效果产生了一天的延迟意义，即政府债券市场需要一些时间才能对欧洲央行公告作出反应。屈服度特定程度似乎与相应国家的偿付能力评级相反。由于后者的较强减少，核心和周边国家之间的蔓延减少。通过让公告变量与当前扩展级别交互来确认此结果。

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