In response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper presents and discusses the theory and the evidence of the central bank’s asset purchases, mainly in the euro area. It analyses the role of asset purchase programmes in the ECB’s toolkit and the potential associated risks, focusing specifically on the problems of the programmes’ unwinding. Finally, the paper offers some possible alternatives to the asset purchase programmes. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Theory, evidence, and risks of the ECB’s Asset Purchase Programme / Benigno, Pier Paolo; Canofari, Paolo; Di Bartolomeo, Giovanni; Messori, Marcello. - Monetary Dialogue Papers, September 2020:(2020).

Theory, evidence, and risks of the ECB’s Asset Purchase Programme

Benigno, Pier Paolo;Canofari, Paolo;Messori, Marcello
2020

Abstract

In response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper presents and discusses the theory and the evidence of the central bank’s asset purchases, mainly in the euro area. It analyses the role of asset purchase programmes in the ECB’s toolkit and the potential associated risks, focusing specifically on the problems of the programmes’ unwinding. Finally, the paper offers some possible alternatives to the asset purchase programmes. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11385/200508
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