期刊名称：Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN：0785-3572
电子版ISSN：1456-6184
出版年度：2012
卷号：2012
出版社：Suomen Pankki = Bank of Finland
摘要：We study the effects of the ECB monetary policy and the European crisis resolution policies on the 10 year sovereign bond yields of seven European countries. We find that some of the decisions have had significant impact on sovereign bond yields and have succeeded in reducing stress in the financial markets. However, the impact of the same policy decision might have been positive for some countries while negative for others, suggesting that contagion effects may be important. The economically most significant effects on the bond yields have been due to the announcement of ECB's Securities Market Programme.
关键词：bond markets, policy effects, liquidity, European sovereign debt crisis, monetary policy, Juha Kilponen, Helinä Laakkonen, Jouko Vilmunen, F34, E42, G15
