Effectiveness and Transmission of the ECB's Balance Sheet Policies
Effectiveness and Transmission of the ECB's Balance Sheet Policies
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欧洲央行资产负债表政策的有效性和传导
DOI：
10.2139/ssrn.2482978
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发表时间：
2014
期刊：
影响因子：
--
通讯作者：
G. Peersman
中科院分区：
文献类型：
--
作者：
J. Boeckx;Maarten Dossche;G. Peersman
我们在结构性VAR框架内估计了自金融危机开始以来外生创新对欧洲央行资产负债表的影响。扩张性资产负债表冲击刺激银行放贷，稳定金融市场，并对经济活动和价格产生积极影响。在受金融危机影响更大的成员国，特别是那些银行体系资本不足的国家，银行贷款和产出受到的影响较小。
We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity and prices. The effects on bank lending and output are smaller in the member countries that have been more affected by the financial crisis, in particular those countries where the banking system is less well-capitalized.