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The ECB's Asset Purchase Programme: Theory, effects, and risks

Pierpaolo Benigno, Paolo Canofari, Giovanni Di Bartolomeo () and Marcello Messori

No 201, Working Papers from University of Rome La Sapienza, Department of Public Economics

Abstract: In response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper presents and discusses the theory and the evidence of the central bank’s asset purchases, mainly in the euro area. It analyses the role of asset purchase programmes in the ECB’s toolkit and the potential associated risks, focusing specifically on the problems of the programmes’ unwinding. Finally, the paper offers some possible alternatives to the asset purchase programme.

Keywords: Unconventional monetary policies; Central banking; Zero-lower bound (search for similar items in EconPapers)
JEL-codes: E32 E43 E44 (search for similar items in EconPapers)
Pages: 42
Date: 2021-10
New Economics Papers: this item is included in nep-mac, nep-mon and nep-ore
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Working Paper: The ECB’s Asset Purchase Programme: Theory, effects, and risks (2020) Downloads
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