The ECB's Asset Purchase Programme: Theory, effects, and risks
Giovanni Di Bartolomeo () and
No 201, Working Papers from University of Rome La Sapienza, Department of Public Economics
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 bankâ€™s asset purchases, mainly in the euro area. It analyses the role of asset purchase programmes in the ECBâ€™s toolkit and the potential associated risks, focusing specifically on the problems of the programmesâ€™ 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)
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)
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Persistent link: https://EconPapers.repec.org/RePEc:sap:wpaper:wp201
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