00000nam 2200000za 4500 9.853458 CaOODSP 20221107154829 cr ||||||||||| 180313s2018 oncd ob f000 0 eng d CaOODSP eng eng fre e------ FB3-5/2018-11E-PDF Hohberger, Stefan. The macroeconomic effects of quantitative easing in the Euro area [electronic resource] : evidence from an estimated DSGE model / by Stefan Hohberger, Romanos Priftis and Lukas Vogel. [Ottawa] : Bank of Canada, 2018. ii, 47 p. : col. charts. Bank of Canada staff working paper, 1701-9397 ; 2018-11 "March 2018." Includes bibliographical references (p. 26-27). “This paper estimates an open-economy dynamic stochastic general equilibrium model with Bayesian techniques to analyse the macroeconomic effects of the European Central Bank’s (ECB’s) quantitative easing (QE) programme. Using data on government debt stocks and yields across maturities, we identify the parameter governing portfolio adjustment in the private sector. Shock decompositions suggest a positive contribution of ECB QE to annual euro area output growth and inflation in 2015-16 of up to 0.3 and 0.6 percentage points (pp) in the linearised version of the model. Allowing for an occasionally binding zero-bound constraint by using piecewise linear solution techniques raises the positive impact to up to 0.7 and 0.8 pp"--Abstract, p. 2. Includes abstract in French. gccst Monetary policy gccst Interest rates Quantitative easing (Monetary policy) European Union European Central Bank Priftis, Romanos. Vogel, Lukas, 1976- Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2018-11. (CaOODSP)9.806221 PDF 1.58 MB https://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-5-2018-11-eng.pdf