In response to the Covid-19 crisis, the European Central Bank (ECB) has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper surveys and discusses the theory and the evidence of the central bank's unconventional monetary tools for the euro area. It analyses the role of the asset purchase programmes in the ECB's toolkit and the associated risks, focusing specifically on the gradual unwinding of these unconventional initiatives. Finally, the paper offers some insight into the possible evolution of the ECB's monetary policy.
The ECB's asset purchase programme: Theory, effects, and risks / Benigno, Pierpaolo; Canofari, Paolo; Di Bartolomeo, G; Messori, Marcello. - In: JOURNAL OF ECONOMIC SURVEYS. - ISSN 0950-0804. - 37:3(2023), pp. 890-914. [10.1111/joes.12521]
The ECB's asset purchase programme: Theory, effects, and risks
Benigno, P;Canofari, P;Messori, M
2023
Abstract
In response to the Covid-19 crisis, the European Central Bank (ECB) has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper surveys and discusses the theory and the evidence of the central bank's unconventional monetary tools for the euro area. It analyses the role of the asset purchase programmes in the ECB's toolkit and the associated risks, focusing specifically on the gradual unwinding of these unconventional initiatives. Finally, the paper offers some insight into the possible evolution of the ECB's monetary policy.
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