The ECB's asset purchase programme: A model-based evaluation

被引：17
|
作者：
Sahuc, Jean-Guillaume [1 ]
机构：
[1] Banque France, 31 Rue Croix Petits Champs, F-75049 Paris, France
来源：
ECONOMICS LETTERS | 2016年 / 145卷
关键词：
Asset purchase programme; Forward guidance; Monetary policy; DSGE model; Euro area; POLICY;
D O I：
10.1016/j.econlet.2016.06.009
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper uses a dynamic stochastic general equilibrium model with financial frictions to quantify the effects of the European Central Bank's recent asset purchase programme. Our results suggest that the macroeconomic effects of purchases are potentially important when the programme is associated with forward guidance on the interest rate. The signalling that the future monetary policy stance will remain accommodative is the prominent transmission channel. (C) 2016 Elsevier B.V. All rights reserved.
引用
收藏
页码：136 / 140
页数：5
相关论文
共 50 条
  • [1] The effects of the ECB's expanded asset purchase programme
    Gambetti, Luca
    Musso, Alberto
    EUROPEAN ECONOMIC REVIEW, 2020, 130
  • [2] The ECB's asset purchase programme: Theory, effects, and risks
    Benigno, Pierpaolo
    Canofari, Paolo
    Di Bartolomeo, Giovanni
    Messori, Marcello
    JOURNAL OF ECONOMIC SURVEYS, 2023, 37 (03) : 890 - 914
  • [3] The Portfolio Rebalancing Effects of the ECB's Asset Purchase Programme
    Bua, Giovanna
    Dunne, Peter G.
    INTERNATIONAL JOURNAL OF CENTRAL BANKING, 2019, 15 (05): : 1 - 46
  • [4] The impact of the ECB's asset purchase programme on euro area equities
    Farinha, Jorge Bento
    Vidrago, Jose
    QUARTERLY REVIEW OF ECONOMICS AND FINANCE, 2021, 82 : 270 - 279
  • [5] Global financial market impact of the announcement of the ECB's asset purchase programme
    Georgiadis, Georgios
    Graeb, Johannes
    JOURNAL OF FINANCIAL STABILITY, 2016, 26 : 257 - 265
  • [6] Country-level effects of the ECB's expanded asset purchase programme
    Zlobins, Andrejs
    BALTIC JOURNAL OF ECONOMICS, 2020, 20 (02) : 187 - 217
  • [7] Capital Market Equilibrium With Imperfect Competition: The Case of the ECB's Asset Purchase Programme
    Koziol, Christian
    Neus, Werner
    SCHMALENBACH BUSINESS REVIEW, 2020, 72 (03) : 369 - 391
  • [8] Target2 Imbalances and the ECB's Asset Purchase Programme: An Alternative Account
    Febrero, Eladio
    Uxo, Jorge
    alvarez, Ignacio
    PANOECONOMICUS, 2022, 69 (01) : 73 - 98
  • [9] The macroeconomic effects of the ECB’s evolving QE programme: a model-based analysis
    Romanos Priftis
    Lukas Vogel
    Open Economies Review, 2017, 28 : 823 - 845
  • [10] The macroeconomic effects of the ECB's evolving QE programme: a model-based analysis
    Priftis, Romanos
    Vogel, Lukas
    OPEN ECONOMIES REVIEW, 2017, 28 (05) : 823 - 845
12345