The ECB’s Asset Purchase Programme: Theory, effects, and risks

Pierpaolo Benigno, Paolo Canofari, Giovanni Di Bartolomeo () and Marcello Messori

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Abstract: In response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper presents and discusses the theory and the evidence of the central bank’s asset purchases, mainly in the euro area. It analyses the role of asset purchase programmes in the ECB’s toolkit and the potential associated risks, focusing specifically on the problems of the programmes’ unwinding. Finally, the paper offers some possible alternatives to the asset purchase programme.

Date: 2020-12
New Economics Papers: this item is included in nep-ban, nep-cba, nep-mac, nep-mon and nep-ore
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Working Paper: The ECB's Asset Purchase Programme: Theory, effects, and risks (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:ter:wpaper:00147

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