ECB Policies Involving Government Bond Purchases: Impact and Channels

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Subfields: Finance

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Whatever It Takes: The Real Effects of Unconventional Monetary Policy (2019, unknown): “…firms which were not able to cover their interest expenses out of their pre-tax earnings.3 To the best of our knowledge, our paper is the first to provide systematic evidence that, indeed, the 1Furthermore, Krishnamurthy et al. (2014) investigate which channels led to the reduction in bond yields.”
Evaluating the impact of unconventional monetary policy measures: Empirical evidence from the ECB׳s Securities Markets Programme (2016, background): “If SMP purchases had lowered bond yields via a reduction in common term premia, this should be visible as a downward shift in OIS rates as well (Cahill et al., 2013; Krishnamurthy et al., 2014).”
A Tale of Two Decades: The Ecb's Monetary Policy at 20 (2019, background): “In addition, Krishnamurthy et al. (2017) note stock price increases concomitant with SMP, OMT and LTRO events. The authors take these increases to be as a token of “beneficial macro-spillovers” of those non-standard measures. Szczerbowicz (2015) notes a spillover of SMP bond purchases (and OMTs) to ”