This paper evaluates the domestic and international macroeconomic effects of the Eurosystem’s Asset Purchase Programme (APP) by means of a calibrated three-country dynamic general equilibrium model of the world economy. We find that the APP boosts domestic inflation and economic activity as liquidity increases and long-term interest rates fall. International spillovers are expansionary, and their size depends on the monetary policy stance of partner countries and on the response of international relative prices.

中文翻译：

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欧元体系扩大资产购买计划的国内和国际影响：基于结构模型的分析

本文通过校准的世界经济三国动态一般均衡模型，评估了欧元体系资产购买计划（APP）在国内和国际上的宏观经济影响。我们发现随着流动性的增加和长期利率的下降，APP促进了国内通胀和经济活动。国际溢出效应是扩张性的，其规模取决于伙伴国家的货币政策立场以及国际相对价格的反应。