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The Expanded Asset Purchase Programme – What, Why and How of Euro Area QE

Author

Listed:
  • Dunne, Peter

    (Central Bank of Ireland)

  • Everett, Mary

    (Central Bank of Ireland)

  • Stuart, Rebecca

    (Central Bank of Ireland)

Abstract

This article explains the what, why and how of the ECB’s expanded asset purchase programme, commonly referred to as ‘Quantitative Easing’. The scope and scale of this purchase programme is unparalleled in the euro area and it is expected to have a large effect on the euro area economy. This article discusses the details of the programme, the reasons it was introduced, and the various channels through which it is expected to affect the real economy.

Suggested Citation

  • Dunne, Peter & Everett, Mary & Stuart, Rebecca, 2015. "The Expanded Asset Purchase Programme – What, Why and How of Euro Area QE," Quarterly Bulletin Articles, Central Bank of Ireland, pages 61-71, July.
    • Handle: RePEc:cbi:qtbart:y:2015:m:07:p:61-71
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    File URL: https://centralbank.ie/docs/default-source/publications/quarterly-bulletins/qb-archive/2015/quarterly-bulletin-no-3-2015.pdf?sfvrsn=8#page=63
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    References listed on IDEAS

    as
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    2. Lo Duca, Marco & Nicoletti, Giulio & Vidal Martínez, Ariadna, 2016. "Global corporate bond issuance: What role for US quantitative easing?," Journal of International Money and Finance, Elsevier, vol. 60(C), pages 114-150.
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    Cited by:

    1. Martin Feldkircher & Florian Huber, 2018. "Unconventional U.S. Monetary Policy: New Tools, Same Channels?," JRFM, MDPI, vol. 11(4), pages 1-31, October.
    2. Markmann, Holger & Zietz, Joachim, 2017. "Determining the effectiveness of the Eurosystem’s Covered Bond Purchase Programs on secondary markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 314-327.
    3. Meijers, Huub & Muysken, Joan, 2016. "The impact of quantitative easing in the Netherlands: A stock-flow consistent approach," MERIT Working Papers 2016-067, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    4. Dufour, Alfonso & Marra, Miriam & Sangiorgi, Ivan, 2019. "Determinants of intraday dynamics and collateral selection in centrally cleared and bilateral repos," Journal of Banking & Finance, Elsevier, vol. 107(C), pages 1-1.
    5. Cormac Cawley & Marie Finnegan, 2019. "Transmission Channels of Central Bank Asset Purchases in the Irish Economy," Economies, MDPI, vol. 7(4), pages 1-25, September.
    6. Cawley, Cormac & Finnegan, Marie, 2019. "Transmission channels of central bank asset purchases in the Irish economy," MPRA Paper 96547, University Library of Munich, Germany.
    7. Stefan Avdjiev & Mary Everett & Hyun Song Shin, 2019. "Following the imprint of the ECB's asset purchase programme on global bond and deposit flows," BIS Quarterly Review, Bank for International Settlements, March.

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