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Monetary Policy Indicators Item: Title: Appendix B. Statistical Characteristics of the Variables Item: Title: Appendix C. Impact Multipliers Computed Based on IRFs Item: Title: Appendix D. Differences Between CMP and UMP Effects Item: Title: Appendix E. Results Based on Instrumental Variable Identification Item: Title: Appendix F. Results for the VAR Model with the Lag Order of 4 Item: Title: Appendix G. Results for Different UMP Estimation Samples Item: Title: Appendix H. Results for the Model with Central Bank Total Assets Item: Title: Appendix I. Results for the Model with Real GDP Item: Title: Appendix J. Results for the Model with the CISS Item: Title: Appendix K. Results for the Extended Model with the Natural Rate Item: Title: Appendix L. Timelines of Main UMP Measures Item: Title: Data availability Item: Title: References Info: Title: Comparing conventional and unconventional monetary policy effects in the euro area and the United States Author: Fernando Ballabriga Subject: Journal of International Financial Markets, Institutions & Money, 104 (2025) 102203. doi:10.1016/j.intfin.2025.102203 Keywords: Conventional monetary policy,Unconventional monetary policy,Zero lower bound,Natural interest rate,Institutional differences Creator: Elsevier Producer: Acrobat Distiller 8.1.0 (Windows) CreationDate: Wed Sep 24 13:08:10 CEST 2025 ModDate: Wed Sep 24 14:45:13 CEST 2025 ID: 0x97f01fa9b1d05b32c3c2d3ba858a8b7e, 0x9746443be243623bb180d395a3e52e78 Filters: FilterPipeline: FlateDecode Fonts: Type0: Font: BaseFont: AAAAAD+CharisSIL Encoding: Identity-H ToUnicode: true Font: BaseFont: DJDDXZ+CharisSIL Encoding: Identity-H ToUnicode: true Font: BaseFont: VEXFUQ+CharisSIL-Italic Encoding: Identity-H ToUnicode: true Font: BaseFont: AAAERD+CharisSIL Encoding: Identity-H ToUnicode: true Font: BaseFont: XVZVYO+LMRoman10-Regular Encoding: Identity-H ToUnicode: true Font: BaseFont: AAACNC+CharisSIL-Italic Encoding: Identity-H ToUnicode: true Type1: Font: BaseFont: YGMRFA+CharisSIL-Italic FontSubset: true FirstChar: 44 LastChar: 121 FontDescriptor: FontName: YGMRFA+CharisSIL-Italic Flags: Symbolic FontBBox: -1467, -1092, 6262, 2600 FontFile: true ToUnicode: true Font: BaseFont: TVGGGO+Dingbats FontSubset: true FirstChar: 73 LastChar: 73 FontDescriptor: FontName: TVGGGO+Dingbats Flags: Symbolic FontBBox: -1, -143, 981, 819 FontFile: true ToUnicode: true Font: BaseFont: IUBNJF+STIXMathSans-Regular FontSubset: true FirstChar: 121 LastChar: 121 FontDescriptor: FontName: IUBNJF+STIXMathSans-Regular Flags: Symbolic FontBBox: -124, -232, 1151, 819 FontFile: true ToUnicode: true Font: BaseFont: LHEAUH+CharisSIL FontSubset: true FirstChar: 21 LastChar: 252 FontDescriptor: FontName: LHEAUH+CharisSIL Flags: Symbolic FontBBox: -1418, -1092, 6144, 2600 FontFile: true ToUnicode: true Font: BaseFont: IAFWXZ+STIXMathScript-Regular FontSubset: true FirstChar: 53 LastChar: 53 FontDescriptor: FontName: IAFWXZ+STIXMathScript-Regular Flags: Symbolic FontBBox: 0, -324, 1229, 830 FontFile: true ToUnicode: true Font: BaseFont: RKRHBN+t1-uni-regular FontSubset: true FirstChar: 46 LastChar: 119 FontDescriptor: FontName: RKRHBN+t1-uni-regular Flags: Symbolic FontBBox: -168, -250, 992, 997 FontFile: true ToUnicode: true Font: BaseFont: EAJYWL+STIXMath-Italic FontSubset: true FirstChar: 59 LastChar: 117 FontDescriptor: FontName: EAJYWL+STIXMath-Italic Flags: Symbolic FontBBox: -124, -478, 2328, 819 FontFile: true ToUnicode: true Font: BaseFont: MLEWDH+STIXMath-Regular FontSubset: true FirstChar: 42 LastChar: 168 FontDescriptor: FontName: MLEWDH+STIXMath-Regular Flags: Symbolic FontBBox: -970, -341, 1096, 1023 FontFile: true ToUnicode: true Font: BaseFont: MUCLBU+CharisSIL-Bold FontSubset: true FirstChar: 46 LastChar: 121 FontDescriptor: FontName: MUCLBU+CharisSIL-Bold Flags: Symbolic FontBBox: -1475, -1092, 6144, 2600 FontFile: true ToUnicode: true CIDFontType0: Font: BaseFont: XVZVYO+LMRoman10-Regular CIDSystemInfo: Registry: Adobe Registry: Identity Supplement: 0 FontDescriptor: FontName: XVZVYO+LMRoman10-Regular Flags: Symbolic FontBBox: -430, -290, 1417, 1127 FontFile3: true CIDFontType2: Font: BaseFont: AAACNC+CharisSIL-Italic CIDSystemInfo: Registry: Adobe Registry: Identity Supplement: 0 FontDescriptor: FontName: AAACNC+CharisSIL-Italic Flags: Symbolic, Italic FontBBox: -716, -533, 1626, 1317 FontFile2: true Font: BaseFont: AAAAAD+CharisSIL CIDSystemInfo: Registry: Adobe Registry: Identity Supplement: 0 FontDescriptor: FontName: AAAAAD+CharisSIL Flags: Symbolic FontBBox: -692, -533, 1623, 1318 FontFile2: true Font: BaseFont: DJDDXZ+CharisSIL CIDSystemInfo: Registry: Adobe Registry: Identity Supplement: 0 FontDescriptor: FontName: DJDDXZ+CharisSIL Flags: Serif, Symbolic FontBBox: -692, -533, 1623, 1319 FontFile2: true Font: BaseFont: VEXFUQ+CharisSIL-Italic CIDSystemInfo: Registry: Adobe Registry: Identity Supplement: 0 FontDescriptor: FontName: VEXFUQ+CharisSIL-Italic Flags: Serif, Symbolic, Italic FontBBox: -716, -533, 1627, 1318 FontFile2: true Font: BaseFont: AAAERD+CharisSIL CIDSystemInfo: Registry: Adobe Registry: Identity Supplement: 0 FontDescriptor: FontName: AAAERD+CharisSIL Flags: Symbolic FontBBox: -692, -533, 1623, 1318 FontFile2: true XMP: http://creativecommons.org/licenses/by/4.0/ application/pdf 10.1016/j.intfin.2025.102203 Elsevier B.V. Journal of International Financial Markets, Institutions & Money, 104 (2025) 102203. doi:10.1016/j.intfin.2025.102203 Conventional monetary policy Unconventional monetary policy Zero lower bound Natural interest rate Institutional differences Comparing conventional and unconventional monetary policy effects in the euro area and the United States Fernando Ballabriga Karen Davtyan VoR 24th September 2025 Acrobat Distiller 8.1.0 (Windows) Conventional monetary policy,Unconventional monetary policy,Zero lower bound,Natural interest rate,Institutional differences 24th September 2025 10.1016/j.intfin.2025.102203 noindex journal © 2025 The Author(s). Published by Elsevier B.V. 2025-10-01 1 October 2025 10.1016/j.intfin.2025.102203 1042-4431 102203 Journal of International Financial Markets, Institutions & Money 102203 https://doi.org/10.1016/j.intfin.2025.102203 104 https://www.elsevier.com/tdm/tdmrep-policy.json 1 2025-09-24T11:08:10 Elsevier 2025-09-24T12:45:13 2025-09-24T12:45:13 uuid:1b499bed-4ce8-4c0c-b682-0d58baae1cbe uuid:b6ed5266-03cb-4855-90c0-636283357f42 True Pages: Page: Label: 1 Annotations: Annotation: Subtype: Link Contents: https://www.elsevier.com/locate/intfin Rect: 297, 676, 345, 682 Annotation: Subtype: Link Contents: https://www.elsevier.com/locate/intfin Rect: 253, 620, 369, 627 Annotation: Subtype: Link Rect: 297, 544, 305, 562 ActionDest: 523 Annotation: Subtype: Link Rect: 135, 535, 138, 539 ActionDest: 523 Annotation: Subtype: Link Contents: https://orcid.org/0000-0003-1266-1757 Rect: 139, 533, 148, 542 Annotation: Subtype: Link Rect: 224, 535, 228, 540 ActionDest: 523 Annotation: Subtype: Link Contents: 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