The macroeconomic effects of quantitative easing in the Euro area : evidence from an estimated DSGE model / by Stefan Hohberger, Romanos Priftis and Lukas Vogel. : FB3-5/2018-11E-PDF
“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.
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| Ministère/Organisme | Bank of Canada. |
|---|---|
| Titre | The macroeconomic effects of quantitative easing in the Euro area : evidence from an estimated DSGE model / by Stefan Hohberger, Romanos Priftis and Lukas Vogel. |
| Titre de la série | Bank of Canada staff working paper, 1701-9397 ; 2018-11 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | "March 2018." Includes bibliographical references (p. 26-27). Includes abstract in French. |
| Information sur la publication | [Ottawa] : Bank of Canada, 2018. |
| Auteur / Contributeur | Hohberger, Stefan. Priftis, Romanos. Vogel, Lukas, 1976- |
| Description | ii, 47 p. : col. charts. |
| Numéro de catalogue |
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| Descripteurs | Monetary policy Interest rates Quantitative easing (Monetary policy) European Union European Central Bank |
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