ECB policy paper says unconventional policy worked

Paper says QE purchases explain “lion’s share” of changes to eurozone yield curves

ECB + bridge

A research paper published by the European Central Bank attempts to quantify the impact of its unconventional monetary policy on eurozone inflation, growth and unemployment.

The leading author of the paper is Massimo Rostagno, the ECB’s director general of monetary policy. The paper is likely to have an important influence on ECB governing council members’ discussions during the strategic review of its monetary policy framework.

The paper analyses the effectiveness of the central bank’s

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