Die Geldpolitik der EZB: Spielt die Nationalität der Notenbanker (k)eine Rolle?

Karsten Mause and Panreck Sebastian ()
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Panreck Sebastian: Institut für Christliche Sozialwissenschaften, Westfälische Wilhelms-Universität MünsterMünsterGermany

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2020, vol. 71, issue 1, 149-179

Abstract: Sometimes the suspicion is expressed that ECB Council members, who are committed to political independence, in some cases have voted in such a way that their respective home countries in particular benefitted from the monetary policy decision. This paper is the first to investigate this home-bias allegation using a larger database. The 2015 “Public Sector Purchase Program” (PSPP) serves as a case study. The analysis shows that ECB Council members from highly (lowly) indebted Euro countries tended to be in favor of (against) this government bond purchase program. Though the latter indeed is particularly useful for highly indebted countries, as it reduces the fiscal pressure on them, the paper discusses whether its findings can really be interpreted as empirical evidence for a ‘home bias’.

Keywords: Monetary Policy; European Central Bank; Government Bonds; PSPP; Geldpolitik; Europäische Zentralbank; Staatsanleihen; PSPP; Monetary Policy; European Central Bank; Government Bonds; PSPP (search for similar items in EconPapers)
JEL-codes: E42 E52 E58 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1515/ordo-2021-0005

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