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Domestic and International Effects of the Eurosystem Expanded Asset Purchase Programme: A Structural Model-Based Analysis
IMF Economic Review ( IF 3.3 ) Pub Date : 2019-01-02 , DOI: 10.1057/s41308-018-0071-7
Pietro Cova , Patrizio Pagano , Massimiliano Pisani

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:

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。
更新日期:2019-01-02
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