Eurozone bond purchases work as stabilisation tool – BoI paper
A working paper published by the Bank of Italy looks at the macroeconomic effects of central banks purchasing long-term sovereign bonds.
In Non-standard monetary policy measures in the new normal, Anna Bartocci, Alessandro Notarpietro and Massimiliano Pisani base their analysis on a dynamic general equilibrium model of the eurozone. They find that this kind of bond purchasing by a central bank, when there is a gap between target and actual inflation, helps to stabilise macroeconomic conditions
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