In response to a prolonged period of low inflation, the ECB introduced QE in an attempt to steer inflation to its target of below, but close to, 2% in the medium term. This paper examines whether QE contributes to exuberance in euro area stock markets by using recent advances in bubble detection techniques (the GSADF test). We do so by linking price developments in ten euro area stock markets to a series of country specific macro fundamentals and QE. The results indicate that periods of QE coincide with exuberant investor behaviour, even after controlling for improving macro fundamentals.

中文翻译：

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股市的量化宽松和繁荣：来自欧元区的证据

为应对长期的低通胀，欧洲央行推出量化宽松政策，试图将通胀引导至低于但接近 2% 的中期目标。本文通过使用泡沫检测技术（GSADF 测试）的最新进展来检验量化宽松政策是否有助于欧元区股市的繁荣。我们通过将十个欧元区股票市场的价格发展与一系列特定国家的宏观基本面和量化宽松联系起来来做到这一点。结果表明，即使在控制了宏观基本面的改善之后，量化宽松时期也与旺盛的投资者行为相吻合。