ECB paper finds ‘sizeable’ impact from QE

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The European Central Bank. Image: Annabel Jeffery
Annabel Jeffery

The European Central Bank's (ECB) quantitative easing (QE) programme is working as hoped through a variety of channels, a working paper published today (September 9) finds.

Philippe Andrade, Johannes Breckenfelder, Fiorella De Fiore, Peter Karadi and Oreste Tristani study the impact of QE on various asset prices, finding evidence of transmission through portfolio rebalancing, duration risk, capital relief, signalling and long-run inflation expectations.

The paper then builds these transmission

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