Eurosystem’s asset purchase programme should increase growth by 1% annually, paper says
Expansionary effects would be larger if programme is more gradually phased out
A new model of the world economy predicts the European Central Bank's asset purchase programme will have expansionary effects on the eurozone, a Bank of Italy working paper finds.
In Domestic and international macroeconomic effects of the Eurosystem expanded asset purchase programme, Pietro Cova, Patrizio Pagano and Massimiliano Pisani evaluate the effects of buying long-term sovereign bonds.
The authors present a large-scale dynamic general equilibrium model, simulating the economies of the
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