The ECB's asset purchase programme: Theory, effects, and risks

In response to the Covid‐19 crisis, the European Central Bank (ECB) has relaunched a massive asset purchase programme within its combined‐arms monetary strategy. This paper surveys and discusses the theory and the evidence of the central bank's unconventional monetary tools for the euro area. I...

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Veröffentlicht in:	Journal of economic surveys 2023-07, Vol.37 (3), p.890-914
Hauptverfasser:	Benigno, Pierpaolo, Canofari, Paolo, Di Bartolomeo, Giovanni, Messori, Marcello
Format:	Artikel
Sprache:	eng
Schlagworte:	APP Assets Central banks COVID-19 Monetary policy monetary policy channels PEPP unconventional monetary policy unwinding
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description	In response to the Covid‐19 crisis, the European Central Bank (ECB) has relaunched a massive asset purchase programme within its combined‐arms monetary strategy. This paper surveys and discusses the theory and the evidence of the central bank's unconventional monetary tools for the euro area. It analyses the role of the asset purchase programmes in the ECB's toolkit and the associated risks, focusing specifically on the gradual unwinding of these unconventional initiatives. Finally, the paper offers some insight into the possible evolution of the ECB's monetary policy.
doi_str_mv	10.1111/joes.12521
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subjects	APP Assets Central banks COVID-19 Monetary policy monetary policy channels PEPP unconventional monetary policy unwinding
title	The ECB's asset purchase programme: Theory, effects, and risks
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