Effectiveness and Transmission of the ECB's Balance Sheet Policies

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

No 4907, CESifo Working Paper Series from CESifo

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 are 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 balance sheet; euro area; VAR (search for similar items in EconPapers)
JEL-codes: C32 E30 E44 E51 E52 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (52)

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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:ces:ceswps:_4907

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