Reactions of euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank

This paper evaluates the impact of announcements of Covid-19 related monetary and fiscal policy measures by the European Central Bank and the European Commission. Applying an event study, we find that the announcements predominantly affect the government bond yields of more solvent countries such as...

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Autores principales: Fendel, Ralf, Neugebauer, Frederik, Zimmermann, Lilli
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier Inc. 2021
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8450753/
https://www.ncbi.nlm.nih.gov/pubmed/34566531
http://dx.doi.org/10.1016/j.frl.2020.101917
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author Fendel, Ralf
Neugebauer, Frederik
Zimmermann, Lilli
author_facet Fendel, Ralf
Neugebauer, Frederik
Zimmermann, Lilli
author_sort Fendel, Ralf
collection PubMed
description This paper evaluates the impact of announcements of Covid-19 related monetary and fiscal policy measures by the European Central Bank and the European Commission. Applying an event study, we find that the announcements predominantly affect the government bond yields of more solvent countries such as Germany and the Netherlands. Since this finding mainly holds for the announcements of fiscal measures, we conclude that the investors are primarily concerned about the future fiscal burden that has to be shouldered by those solvent countries within the euro area.
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spelling pubmed-84507532021-09-20 Reactions of euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank Fendel, Ralf Neugebauer, Frederik Zimmermann, Lilli Financ Res Lett Article This paper evaluates the impact of announcements of Covid-19 related monetary and fiscal policy measures by the European Central Bank and the European Commission. Applying an event study, we find that the announcements predominantly affect the government bond yields of more solvent countries such as Germany and the Netherlands. Since this finding mainly holds for the announcements of fiscal measures, we conclude that the investors are primarily concerned about the future fiscal burden that has to be shouldered by those solvent countries within the euro area. Elsevier Inc. 2021-10 2020-12-31 /pmc/articles/PMC8450753/ /pubmed/34566531 http://dx.doi.org/10.1016/j.frl.2020.101917 Text en © 2020 Elsevier Inc. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Article
Fendel, Ralf
Neugebauer, Frederik
Zimmermann, Lilli
Reactions of euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank
title Reactions of euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank
title_full Reactions of euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank
title_fullStr Reactions of euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank
title_full_unstemmed Reactions of euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank
title_short Reactions of euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank
title_sort reactions of euro area government yields to covid-19 related policy measure announcements by the european commission and the european central bank
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8450753/
https://www.ncbi.nlm.nih.gov/pubmed/34566531
http://dx.doi.org/10.1016/j.frl.2020.101917
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