Effectiveness and transmission of the ECB’s balance sheet policies

Jef Boeckx (), Maarten Dossche and Gert Peersman ()

No 275, Working Paper Research from National Bank of Belgium

Abstract: We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity and prices. The effects on bank lending and output turn out to be smaller in the member countries that have been more affected by the financial crisis, in particular those countries where the banking system is less well-capitalized.

Keywords: unconventional monetary policy; ECB blance sheet; euro area; VAR (search for similar items in EconPapers)
JEL-codes: C32 E30 E44 E51 E52 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2014-12
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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Related works:
Journal Article: Effectiveness and Transmission of the ECB's Balance Sheet Policies (2017)
Working Paper: Effectiveness and Transmission of the ECB's Balance Sheet Policies (2014)
Working Paper: Effectiveness and Transmission of the ECB’s Balance Sheet Policies (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:nbb:reswpp:201412-275

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