Effectiveness and Transmission of the ECB's Balance Sheet Policies

By J. Boeckx, M. Dossche, G. Peersman. Social Science Research Network, 2014

222 citations recorded by the source corpus.

We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity and prices. The effects on bank lending and output are smaller in the member countries that have been more affected by the financial crisis, in particular those countries where the banking system is less well-capitalized.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/f99e0b512135ad635b940569073e2a8a8531dba2

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. Michael Hachula
2. Pablo Burriel
3. P. Anaya
4. C. Offermanns
5. A. Galesi

In Finance

1. Michael Hachula
2. Pablo Burriel
3. P. Anaya
4. C. Offermanns
5. A. Galesi

Citations in the corpus

• Spillovers of U.S. unconventional monetary policy to emerging markets: The role of capital flows (2017, methodology): “19In doing so, we follow Boeckx et al. (2014) who apply a similar identification strategy for the ECB’s UMP.”
• Uncovering the heterogeneous effects of ECB unconventional monetary policies across euro area countries (2016, methodology): “(2010) and Boeckx et al. (2014). With regards to the common variables in Xt, we follow Boeckx et al. (2014) and consider the ECB’s balance sheet as our key indicator of unconventional monetary policy. Specifically, we use the year-on-year rate of growth of ECB’s total assets. We also include a measu”