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dc.contributor.authorHOHBERGER, Stefan
dc.contributor.authorPRIFTIS, Romanos
dc.contributor.authorVOGEL, Lukas
dc.date.accessioned2017-03-17T16:18:49Z
dc.date.available2017-03-17T16:18:49Z
dc.date.issued2017
dc.identifier.issn1725-6704
dc.identifier.urihttp://hdl.handle.net/1814/45726
dc.description.abstractThis paper analyses the macroeconomic effects of the ECB's quantitative easing programme using an open-economy DSGE model estimated with Bayesian techniques. 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 EA year-on-year output growth and inflation of up to 0.4 and 0.5 pp in the standard linearized version of the model. Allowing for an occasionally binding zero-bound constraint by using piecewise linear solution techniques raises the positive impact up to 1.0 and 0.7 pp, respectively.en
dc.format.mimetypeapplication/pdfen
dc.language.isoenen
dc.relation.ispartofseriesEUI ECOen
dc.relation.ispartofseries2017/04en
dc.rightsinfo:eu-repo/semantics/openAccessen
dc.subjectQuantitative easingen
dc.subjectPortfolio rebalancingen
dc.subjectBayesian estimationen
dc.subjectOpen-economy DSGE modelen
dc.subjectReal GDPen
dc.subjectE44en
dc.subjectE52en
dc.subjectE53en
dc.subjectF41en
dc.titleThe macroeconomic effects of quantitative easing in the Euro area : evidence from an estimated DSGE modelen
dc.typeWorking Paperen


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