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Assessing ECB quantitative easing: one year on: In-depth analysis

Gerba, Eddie and Macchiarelli, Corrado (2016) Assessing ECB quantitative easing: one year on: In-depth analysis. IP/A/ECON/2016-02 (PE 578.995). European Parliament, Policy Department A: Economic and Scientific Policy, Brussels, Belgium.

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Abstract

The ECB’s expanded asset purchase programme (EAPP) adds the purchase programme for public sector securities to the existing private sector asset purchase programmes to address the risks of a too prolonged period of low inflation. It now consists of a covered bond purchase programme (CBPP3), asset- backed securities purchase programme (ABSPP) and public sector purchase programme (PSPP). However, as the transmission mechanisms of monetary policy remains characterized by long, variable and uncertain time lags, the impact of asset purchases on the real economy continues to be a matter of discussion as confirmed by the slow recovery in bank lending. Some economists even argue that the most effective transmission channel of unconventional monetary policy is the exchange rate. Against this backdrop, the note assesses the effectiveness of the ECB programme of asset purchases one year after its first implementation.

Item Type: Monograph (Report)
Official URL: http://www.europarl.europa.eu/
Additional Information: "This policy contribution was prepared on request of the ECON Committee of the European Parliament for the Monetary Dialogue with the President of the European Central Bank on 02/06/2016 (http://www.europarl.europa.eu/committees/en/econ/monetary-dialogue.html). Copyright remains with the European Parliament at all times". © 2016 European Parliament
Divisions: European Institute
Subjects: J Political Science > JN Political institutions (Europe)
Sets: Departments > European Institute
Date Deposited: 06 Dec 2016 10:46
Last Modified: 13 Oct 2019 23:11
URI: http://eprints.lse.ac.uk/id/eprint/68522

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