Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/208297
Authors: 
Zaghini, Andrea
Year of Publication: 
2019
Series/Report no.: 
ECB Working Paper No. 2264
Abstract: 
We assess the impact of the corporate sector purchase programme (CSPP), the corporate arm of the ECB's quantitative easing, over its first year of activity (June 2016 - June 2017). Focusing on the primary bond market, we find evidence of a significant impact of the CSPP on yield spreads, both directly on purchased and targeted bonds and indirectly on all other bonds.The magnitude and the timing of the changes in yield spreads, coupled with the evolution of bond placements, are fully consistent with the proper unfolding the portfolio rebalancing channel.
Subjects: 
Quantitative easing
unconventional monetary policy
bond yields
market segmentation
JEL: 
G15
G32
G38
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-3526-5
Document Type: 
Working Paper

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