A carregar...
Publicação
The macroeconomic impact of ECB’s large scale, asset purchases: a proxy SVAR approach
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 247.31 KB | Adobe PDF |
Orientador(es)
Resumo(s)
many distinct information dimensions are systematically assimilated. Wielding the zero
lower bound, I isolate non-standard measures from conventional monetary policy, ineffective
since 2016. Transforming these into an external instrument for a SVAR Model, I
conclude that expanding the overall central bank’s balance sheet increases consumer prices
while production may remain unaffected. I find that both the exchange rate and long term
yields depress as a result. Notwithstanding, credit conditions do not benefit from this. Finally,
both equity returns and expectations fall whereas market volatility rises.
Descrição
Palavras-chave
Monetary policy Central banking communication Large scale asset purchases External identification