ECB paper tests eurozone balance sheet transmission mechanism


Eurosystem central banks can stimulate the economy beyond the policy rate by increasing the size of its balance sheet, however the effects are short-lived, according to a European Central Bank paper, published on Tuesday.

Gert Peersman, the paper's author, uses a structural vector auto-regression model to examine the macroeconomic effects of traditional interest rate innovations and unconventional monetary policy actions on the eurozone economy. The author notes that little is known about the

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