The ECB's asset purchase programme: Theory, effects, and risks

被引：4

作者：

Benigno, Pierpaolo ^{[1
]}

Canofari, Paolo ^{[2
]}

Di Bartolomeo, Giovanni ^{[3
,4
]}

Messori, Marcello ^{[5
]}

机构：

[1] Univ Bern, Dept Eam, Bern, Switzerland

[2] Univ Politecn Marche, Dipartimento Sci Econ & Sociali, Ancona, Italy

[3] Sapienza Univ, Dept Econ & Law, Rome, Italy

[4] Univ Antwerp, Dept Econ, Antwerp, Belgium

[5] Luiss Guido Carli, Dept Econ & Finance, Rome, Italy

来源：

JOURNAL OF ECONOMIC SURVEYS | 2023年 / 37卷 / 03期

关键词：

APP; monetary policy channels; PEPP; unconventional monetary policy; unwinding; UNCONVENTIONAL MONETARY-POLICIES; BALANCE-SHEET; EURO-AREA; LIQUIDITY; MODEL;

D O I：

10.1111/joes.12521

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In response to the Covid-19 crisis, the European Central Bank (ECB) has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper surveys and discusses the theory and the evidence of the central bank's unconventional monetary tools for the euro area. It analyses the role of the asset purchase programmes in the ECB's toolkit and the associated risks, focusing specifically on the gradual unwinding of these unconventional initiatives. Finally, the paper offers some insight into the possible evolution of the ECB's monetary policy.

引用

页码：890 / 914

页数：25

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