This paper evaluates the macroeconomic effects of the European Central Bank’s Corporate Sector Purchase Programme (CSPP) when the monetary policy rate hits the zero lower bound (ZLB). To this purpose, we calibrate and simulate a monetary union dynamic general equilibrium model of the euro area (EA). We assume that entrepreneurs can finance their spending by issuing corporate bonds or through banking loans. Our results are as follows. First, the CSPP boosts GDP in both EA regions by about 0.3 percentage points (ppt) relative to the ZLB scenario. Inflation rises as well. Given the improvement in economic conditions, the EA monetary policy rate stays at the ZLB for a shorter amount of time. Second, the CSPP indirectly stimulates banking activity. Third, the two regions benefit in a similar way from the CSPP. Fourth, the duration of the program is relevant for its effectiveness. Finally, results are robust to changes in key parameters.

中文翻译：

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欧元区非标准货币政策措施的宏观经济影响：公司债券购买的作用

当货币政策利率达到零下限（ZLB）时，本文评估了欧洲中央银行公司部门购买计划（CSPP）的宏观经济影响。为此，我们校准并模拟了欧元区（EA）的货币联盟动态一般均衡模型。我们假设企业家可以通过发行公司债券或通过银行贷款为其支出提供资金。我们的结果如下。首先，CSPP相对于ZLB方案将两个EA地区的GDP提升了约0.3个百分点（ppt）。通货膨胀也在上升。考虑到经济状况的改善，EA货币政策利率在ZLB的维持时间较短。其次，CSPP间接刺激了银行活动。第三，两个地区从CSPP中受益的方式相似。第四，该计划的持续时间与其有效性有关。最后，结果对于关键参数的更改是可靠的。