Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/205152
Authors: 
Sondershaus, Talina
Year of Publication: 
2019
Series/Report no.: 
IWH Discussion Papers 22/2019
Abstract: 
Events which have an adverse or positive effect on some firms can disseminate through the economy to firms which are not directly affected. By exploiting the first large sovereign bond purchase programme of the ECB, this paper investigates whether more lending to some firms spill over to firms in the surroundings of direct beneficiaries. Firms operating in the same industry and region invest less and reduce employment. The paper shows the importance to consider spillover effects when assessing unconventional monetary policies: Differences between treatment and control groups can be entirely attributed to negative effects on the control group.
Subjects: 
asset purchase programmes
small and medium enterprises
investments
JEL: 
D22
E58
G21
G28
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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