Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168060
Authors: 
Vogel, Lukas
Hohberger, Stefan
Priftis, Romanos
Year of Publication: 
2017
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Quantitative Easing A08-V3
Abstract: 
This paper analyses the macroeconomic effects of the ECB’s quantitative easing using an open-economy DSGE model estimated with Bayesian techniques. Shock decompositions for real GDP growth and CPI inflation suggest positive contributions of up to 0.4 and 0.5 pp in the standard linearized version of model. Using piecewise linear solution techniques to allow for an occasionally binding zero-bound constraint raises the positive impact on growth and inflation to 0.8 and 0.7 pp.
JEL: 
E52
Document Type: 
Conference Paper

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