A carregar...
Publicação
The impact of quantitative easing and quantitatived tichtening on sovereign debt markets in the EURO AREA
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 3.75 MB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
This study examines the impact of ECB Quantitative Easing (QE) and Quantitative Tightening (QT) announcements on sovereign bond markets across the Euro Area. Using an event-study methodology applied to seven rapresentative countries, results show that QE significantly lowered yields, particularly in peripheral countries, while QT generally raised yields, albeit with weaker and less consistent effects. The response is highly heterogeneous across countries and announcements, underscoring the asymmetric transmission of unconventional monetary policy within a fragmented currency union. These findings offer policy-relevant insights into the geographical disparities of ECB intervention during periods of both expansionary and contractionary monetary policy stances.
Descrição
Palavras-chave
Financial markets Sovereign debt Quantitative easing Quantitative tightening Monetary policy