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The Macroeconomic Effects of Quantitative Easing in the Euro Area: Evidence from an Estimated DSGE Model

Lukas Vogel (), Stefan Hohberger () and Romanos Priftis ()

Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking from Verein für Socialpolitik / German Economic Association

Abstract: This paper analyses the macroeconomic effects of the ECB’s quantitative easing using an open-economy DSGE model estimated with Bayesian techniques. Shock decompositions for real GDP growth and CPI inflation suggest positive contributions of up to 0.4 and 0.5 pp in the standard linearized version of model. Using piecewise linear solution techniques to allow for an occasionally binding zero-bound constraint raises the positive impact on growth and inflation to 0.8 and 0.7 pp.

JEL-codes: E52 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-cba, nep-dge, nep-eec, nep-mac, nep-mon and nep-opm
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https://www.econstor.eu/bitstream/10419/168060/1/VfS-2017-pid-1832.pdf (application/pdf)

Related works:
Journal Article: The macroeconomic effects of quantitative easing in the euro area: Evidence from an estimated DSGE model (2019) Downloads
Working Paper: The Macroeconomic Effects of Quantitative Easing in the Euro Area: Evidence from an Estimated DSGE Model (2018) Downloads
Working Paper: The macroeconomic effects of quantitative easing in the Euro area: evidence from an estimated DSGE model (2017) Downloads
Working Paper: The Macroeconomic Effects of Quantitative Easing in the Euro Area: Evidence from an Estimated DSGE Model (2017) Downloads
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