ECB QE lowers yields via portfolio reshuffling – research

european-central-bank-frankfurt2

The planning and announcement of the European Central Bank’s public sector purchase programme, in late 2014 and early 2015, lowered German Bund yields through portfolio rebalancing, rather than through signals of delayed rate rises, research published by the ECB finds.

Dissecting long-term Bund yields in the run-up to the ECB’s Public Sector Purchase Programme, by Wolfgang Lemke and Thomas Werner, sets out to explain through what channels the PSPP, which saw the ECB buy bonds in the secondary

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: