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
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