The ECB’s asset purchase programme: A model-based evaluation

Jean-Guillaume Sahuc

Economics Letters, 2016, vol. 145, issue C, 136-140

Abstract: This paper uses a dynamic stochastic general equilibrium model with financial frictions to quantify the effects of the European Central Bank’s recent asset purchase programme. Our results suggest that the macroeconomic effects of purchases are potentially important when the programme is associated with forward guidance on the interest rate. The signalling that the future monetary policy stance will remain accommodative is the prominent transmission channel.

Keywords: Asset purchase programme; Forward guidance; Monetary policy; DSGE model; Euro area (search for similar items in EconPapers)
JEL-codes: E32 E44 E52 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (17)

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Working Paper: The ECB’s Asset Purchase Programme: A Model-Based Evaluation (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:145:y:2016:i:c:p:136-140

DOI: 10.1016/j.econlet.2016.06.009

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