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Monetary Policy Instruments - Conventional & Unconventional

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Monetary Policy Instruments - Conventional & Unconventional

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Questions and Answers

What does FRFA stand for in ECB unconventional policies?

Financial Rate Funding Allocation

Fixed Rate Full-Allotment (correct)

Fiscal Replenishment Full Authority

Flexible Refinancing Facility Agreement

Which acronym represents a security purchase programme specifically targeted towards public securities?

VLTRO

LTRO

SMP (correct)

OMT

What does TLTRO stand for in ECB's unconventional policies?

Targeted Long-Term Refinancing Operations (correct)

Transnational Liquidity Term Repurchase Operations

Term Liquidity Token Refunding Operations

Total Long-Term Repurchase Obligations

Which acronym denotes a security purchase programme aimed at asset-backed securities?

ABSPP Signup and view all the answers

When was the ECB's QE APP/PSPP announced?

January 2015 Signup and view all the answers

What is the purpose of the CBPP programme?

To purchase covered bonds Signup and view all the answers

What does the central bank do on a weekly basis to adjust the interest rates related to marginal amounts of base money?

Adjusts the interest rate for marginal credit facility Signup and view all the answers

In the context of daily and weekly monetary operations, what do they create for market rates?

A corridor for market rates Signup and view all the answers

When excess liquidity is abundant, where does the daily interest rate tend to go?

At the floor rate Signup and view all the answers

Why does the economy resort to unconventional monetary policies according to the text?

When the economy hits the zero-lower bound for policy rates Signup and view all the answers

Based on W.Buiter's classification, what is 'credit easing'?

'Quanti + quali' easing Signup and view all the answers

How can the central bank steer the economy via shifts in the money market rate?

By innovating and implementing unconventional policies Signup and view all the answers

What happens to market rates when daily interest rates fluctuate around the REFI rate?

They fluctuate around the REFI rate Signup and view all the answers

What types of unconventional tools have been employed by the ECB?

Balance sheet expansion or reallocation Signup and view all the answers

What does increasing excess liquidity tend to do to the daily interest rate in the money market?

Lower it to the floor rate IDF Signup and view all the answers

Why might it be difficult to steer the economy via conventional shifts in money market rates?

Unconventional policies may be necessary Signup and view all the answers