期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：This paper analyses the e ects of the European Central Bank's expanded asset purchaseprogramme (APP) on yields and on the macroeconomy, and sheds some light on its transmissionchannels. It shows, rst, that the January 2015 announcement of the programmehas signi cantly and persistently reduced sovereign yields on long-term bonds and raisedthe share prices of banks that held more sovereign bonds in their portfolios. This evidenceis consistent with versions of the portfolio rebalancing channel acting through the removalof duration risk and the relaxation of leverage constraints for nancial intermediaries. Itthen presents a stylised macroeconomic model that incorporates the aforementioned transmissionchannels. The model suggests that the macroeconomic impact of the programmecan be expected to be sizable
