Quantitative Easing and Portfolio Rebalancing: Micro Evidence from Irish Resident Banks
No 07/EL/17, Economic Letters from Central Bank of Ireland
This Economic Letter examines whether the portfolio rebalancing channel has been effective for Irish resident banks after the introduction of the ongoing Extended Asset Purchasing Programme (EAPP) initiated by the European Central Bank (ECB) in March 2015. Using a unique security level dataset on the programme’s purchases and banks’ holdings, I find that banks did not change purchasing trends regarding securities eligible to be bought under the EAPP. This is consistent with the hypothesis about exogenous constraints that might limit the pass-through of asset purchases to the real economy through the banking system.
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