The ECB’s Asset Purchase Programmes: Effectiveness, Risks, Alternatives
We summarise the empirical evidence on effects of asset purchases in the euro area, including the PEPP programme launched in response to the COVID-19 crisis. We conclude that QE is particularly effective during times of high financial stress, i.e. at the peak of a crisis, but tends to lose impact over time. At the same time, QE policies come with prominent risks which may materialise only in the longer term. We suggest a scheme of rule-based intervention in sovereign debt markets that preserves the role of yield spreads as a market signal, while containing the risk of bad equilibria. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Hĺbková analýza
Externý autor
Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Stefan KOOTHS, Josefine QUAST, Maik WOLTERS
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Kľúčové slovo
- dokumentácia
- ekonomická analýza
- EKONOMIKA
- epidémia
- Euroskupina (eurozóna)
- Európska centrálna banka
- EURÓPSKA ÚNIA
- európsky parlamentný výbor
- FINANCIE
- hospodárska situácia
- hospodársky dôsledok
- inflácia
- inštitúcie EÚ a európska verejná služba
- jednotná menová politika
- menová ekonómia
- menové vzťahy
- ochorenie spôsobené koronavírusom
- SOCIÁLNE OTÁZKY
- VZDELANIE A KOMUNIKÁCIE
- výskumná správa
- zdravie