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Autoren: 
Boeckx, Jef
Dossche, Maarten
Peersman, Gert
Datum: 
2014
Schriftenreihe/Nr.: 
CESifo Working Paper No. 4907
Zusammenfassung: 
We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity and prices. The effects on bank lending and output are smaller in the member countries that have been more affected by the financial crisis, in particular those countries where the banking system is less well-capitalized.
Schlagwörter: 
unconventional monetary policy
ECB balance sheet
euro area
VAR
JEL: 
C32
E30
E44
E51
E52
Dokumentart: 
Working Paper

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