(2021), “Combining negative rates, forward guidance and asset purchases: identification and impacts of the ECB’s unconventional policies”, Working Paper Series, No 2564, ECB), the NAWM-II model, and the ECB-BASE model. However, these calculations are based on elasticities of financial conditions to policy impulses that are estimated based on data observed in non-stressed market conditions.
At the same time, we are trying to adapt, as much as possible, to the modern trends of central banking and the processes of the European Union, in order to be fully compatible. On the other hand, we strive to preserve the core values that the Central Bank strives for, and that is stability.