In a novel econometric framework, we identify differences and significant asymmetries in financial markets' responses to the European Central Bank (ECB)'s various policy interventions during the eurozone crisis. Dollar liquidity interventions reduced stress in bond markets and improved economic sentiment, as reflected in higher equity prices. In contrast, the ECB's euro liquidity provisions and monetary stimulus measures delivered modest results. In both these cases, government bond spreads typically did decline but the risk of large spread increases and equity losses also increased. Only the Outright Monetary Transactions (OMT) intervention had a substantial expansionary effect. The results emphasize the importance of unambiguous monetary policy for driving market expectations.

在一个新颖的计量经济学框架中，我们发现金融市场对欧元区危机期间欧洲央行（ECB）各种政策干预措施的反应存在差异和显着的不对称性。美元流动性干预减轻了债券市场的压力并改善了经济情绪，这反映在股票价格上涨上。相比之下，欧洲央行的欧元流动性规定和货币刺激措施效果有限。在这两种情况下，政府债券利差通常确实下降，但利差大幅增加和股票损失的风险也增加。只有直接货币交易（OMT）干预具有显着的扩张效应。结果强调了明确的货币政策对于推动市场预期的重要性。