Tomasz Wieladek, (2016),“The European Central Bank’s QE: A new hope”, CEPR DP 11309, Ιούνιος
estimated on monthly data from 2012M6 to 2016M4. We assess the total impact via a counter-factual exercise, country-by-country and through alternative transmission channels. QE anouncement shocks are identified with four different identification schemes as in Weale and Wieladek (2016). We find that in absence of the first round of ECB QE, real GDP and core CPI would have been 1.3% and 0.9% lower, respectively. The effect is roughly 2/3 times smaller than in the UK/US. Impulse response analysis suggests that the policy is transmitted via the portfolio rebalancing, the signalling, credit easing and exchange rate channels. Spanish real GDP benefited the most and Italian the least.
Σχετικές αναρτήσεις
- Gagnon, Joseph E., (2016), “Quantitative Easing: An Underappreciated Success”, Peterson Institute for International Economics, Απρίλιος
- Gerba, Eddie, Macchiarelli, Corrado, (2016), “Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis”, European Parliament, Φεβρουάριος