Ποσοτική χαλάρωση : η ευρωπαϊκή περίπτωση
Quantitative easing : the case of Europe
KeywordsΠοσοτική χαλάρωση ; Κεντρική Τράπεζα ; Σταθερές επιδράσεις ; Μακροοικονομική πολιτική ; Quantitative easing ; Central Bank ; Fixed effects ; Macroeconomic policy
This paper analyzes the impact of ECB’s quantitative-easing (QE) program on the bonds and currency markets in Europe. We begin our analysis with a historical overview and a summary of basic definitions and current developments in QE, so that the reader can be familiarized to the key concepts. The paper continues with the development of the model used, and its definition in technical and theoretical levels and concludes with the discussion of the results. To examine the impact of QE, we constructed a federal country (super-state) including countries with the same currency (euro) and tested the effects of QE on both the federal country and a group of European countries that still use their national currencies. Our findings indicate that ECB’s QE program has helped in the decrease of bond interest rates for Northern European countries and that the effects of the ECB’s announcements were not ephemeral, but showed persistence in the course of time.