[10] Since the refinancing rate in the TLTRO programme is linked to the policy rate for the main refinancing operations, the attractiveness of TLTRO funding conditions also adjusts in response to these shifts in market expectations. [11] For example, in Zlobins, A.
(2019), “Macroeconomic Effects of the ECB’s Forward Guidance”, Working Paper Series, No 03, Latvijas Banka, the author evaluates the macroeconomic effects of rate forward guidance in the euro area and analyses its interplay with asset purchases using a set of structural vector auto-regressions with both constant and time-varying parameters.