Fig. 2
From: Responses of Swiss interest rates and stock prices to ECB policy surprises
ECB policy surprises: Altavilla et al. (2019) Notes: This figure depicts the four ECB policy surprises from January 2002 to June 2020. Policy surprises take the form of surprises with respect to the ECB policy rate (Target), the ECB’s short-term (Timing) and longer-term forward guidance (FG) and asset purchases by the ECB (QE). Positive (negative) values indicate a restrictive (expansionary) surprise