ECB paper looks at PSPP’s ‘flow effects’ on sovereign bond yields
“Flow effects” have limited but real impact, researchers find
A working paper published by the European Central Bank analyses the “flow effects” of variations under its public-sector purchase programme (PSPP) on eurozone sovereign bond yields.
In Flow effects of central bank asset purchases on euro area sovereign bond yields: evidence from a natural experiment, Roberto A De Santis and Fédéric Holm-Hadulla use granular data on all sovereign bonds eligible for purchase under the PSPP.
The authors say their analysis of the data aims to avoid any
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