Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/144487
Authors: 
Boeckx, Jef
Dossche, Maarten
Peersman, Gert
Year of Publication: 
2014
Series/Report no.: 
Working Paper Research 275
Abstract: 
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 turn out to be 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.
Subjects: 
unconventional monetary policy
ECB blance sheet
euro area
VAR
JEL: 
C32
E30
E44
E51
E52
Document Type: 
Working Paper

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