ECB’s public sector asset purchases pushed down repo rate, BdF paper finds

European Central Bank at night

A working paper published by the Banque de France looks at the interactions between the European Central Bank’s public sector purchase programme, or PSPP.

In Eurosystem’s asset purchases and money market rates, William Arrata, Benoît Nguyen, Imène Rahmouni-Rousseau and Miklos Vari set out various channels through which asset purchases can affect repo rates.

The authors use proprietary data regarding PSPP purchases and transactions on the repo market. They find that the PSPP has helped to push

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