| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11309 |
| DP11309 The European Central Bank’s QE: A new hope | |
| Tomasz Wieladek; Antonio Garcia Pascual | |
| 发表日期 | 2016-06-03 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We examine the impact of the ECB’s QE on Euro Area real GDP and core CPI with a Bayesian VAR, 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. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Ecb unconventional monetary policy Transmission mechanism |
| URL | https://cepr.org/publications/dp11309 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540125 |
| 推荐引用方式 GB/T 7714 | Tomasz Wieladek,Antonio Garcia Pascual. DP11309 The European Central Bank’s QE: A new hope. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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