Spillovers of asset purchases within the real sector : win-win or joy and sorrow? / Talina Sondershaus
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Spillovers of asset purchases within the real sector
Discovery
1679808060
URN
urn:nbn:de:gbv:3:2-113447
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Publication history
Halle (Saale), Germany : Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, 24. Oktober 2019
Content
1 Online-Ressource (III, 69 Seiten, 0,94 MB) : Diagramme
Edition
Language
eng
Comment
Abstract
Events which have an adverse or positive effect on some firms can disseminate through the economy to firms which are not directly affected. By exploiting the first large sovereign bond purchase programme of the ECB, this paper investigates whether more lending to some firms spill over to firms in the surroundings of direct beneficiaries. Firms operating in the same industry and region invest less and reduce employment. The paper shows the importance to consider spillover effects when assessing unconventional monetary policies: Differences between treatment and control groups can be entirely attributed to negative effects on the control group.
Series
IWH-Diskussionspapiere ; 2019, no. 22 (October 2019) ppn:837399270