ИСТИНА

The paper presents an analysis of the consequences of the European Central Bank’s unconventional monetary policy measures from 2007 to 2019. The proposed approach combines factors of monetary policy with sign restrictions on high-frequency data in a BVAR model, yielding macroeconomically consistent results and providing a more comprehensive understanding of the impact of different measures on financial and real variables. The identification of the monetary shock is done alongside the identification of the information shock. Unconventional monetary policy measures are approximated using high-frequency factors that affect specific segments of the yield curve. The ECB’s unconventional measures are effective in stimulating business activity and price growth, as well as reducing financial stress, although their impact exhibits heterogeneity. The announcement of quantitative easing exhibits a small external lag of monetary policy and leads to an increase in stock prices and lending volumes, consistent with the portfolio rebalancing channel and credit channel’s effectiveness. For measures related to the shorter end of the yield curve, the external lag of monetary policy can extend up to a year, but these measures have a particularly strong impact on price growth, which may be attributed to effective management of economic agents’ expectations. The consequences of information shocks are moderate and prominently observed only in the initial months, which does not offset the effects of monetary policy and does not hinder the ECB in achieving its inflation target.