Comparing conventional and unconventional monetary policy effects in the euro area and the United States
本文用统一框架比较欧元区和美国常规与非常规货币政策对宏观经济的影响，发现常规政策对价格影响更强，非常规政策对失业率和金融变量的效果与常规时期相当，且欧元区非常规政策效果弱于美国。
We use a consistent framework to compare the macroeconomic effects of conventional and unconventional monetary policy in the euro area (EA) and the United States (US). We find that monetary policy has a stronger effect on prices for the conventional policy period. We interpret this result by the lower level of the natural rate of interest during the unconventional policy period. At the same time, the effects of monetary policy on the unemployment rate and financial variables are more comparable between the conventional and the unconventional policy periods. We also find that the effectiveness of unconventional monetary policy in terms of its target impact is lower in the EA than in the US, a result we attribute to differences in central bank institutional design. • We compare the effects of conventional and unconventional monetary policy. • Monetary policy has a stronger effect on prices for the conventional policy period. • The effects on the unemployment rate and financial variables are more comparable. • Effectiveness of unconventional monetary policy is lower in the EA than in the US.