Inspecting the mechanism of quantitative easing in the euro area

Using security-level holdings for all euro-area investors, we study portfolio rebalancing during the quantitative easing program from March 2015 to December 2017. Foreign investors outside the euro area accommodated most of the Eurosystem’s purchases. Duration, government credit, and corporate credi...

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Veröffentlicht in:	Journal of financial economics 2021-04, Vol.140 (1), p.1-20
Hauptverfasser:	Koijen, Ralph S.J., Koulischer, François, Nguyen, Benoît, Yogo, Motohiro
Format:	Artikel
Sprache:	eng
Schlagworte:	Bonds Credit risk Estimates Euro Eurozone Government bonds Investors Monetary policy Portfolio management Portfolio rebalancing Quantitative easing Risk concentration Unconventional monetary policy
Online-Zugang:	Volltext
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