We distinguish the announcement effects of conventional and unconventional monetary policy measures on macroeconomic variables using a high-frequency data set that measures the impact of the European Central Bank's monetary policy decisions. For the period 2002 to 2019, we show that conventional and unconventional monetary policy measures differ considerably in their impact on inflation. While conventional measures show the expected response, that is, an interest rate cut increases inflation, unconventional measures appear to generally have no significant influence. However, this does not hold for quantitative easing, which is found to have a similar influence on inflation as the conventional interest rate changes.

中文翻译：

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为什么央行宣布注入流动性比前瞻指引更有效

我们使用衡量欧洲中央银行货币政策决定影响的高频数据集来区分常规和非常规货币政策措施对宏观经济变量的公告影响。在 2002 年至 2019 年期间，我们表明常规和非常规货币政策措施对通胀的影响存在很大差异。虽然常规措施显示出预期的反应，即降息会增加通胀，但非常规措施似乎通常没有显着影响。然而，这并不适用于量化宽松政策，人们发现量化宽松政策对通胀的影响与常规利率变化类似。