Cross-border spillovers play key role in ECB’s bond purchases – DNB paper
Cross-border effects play a “dominant role” in PSPP’s effectiveness, say researchers
Cross-border spillovers are a major factor in the European Central Bank-led Public Sector Purchase Programme, a working paper published by the Netherlands Bank finds.
In Spillover effects of sovereign bond purchases in the euro area, Yvo Mudde, Anna Samarina and Robert Vermeulen examine data on bond yields in 10 eurozone countries. They aim to distinguish between the direct and indirect effects of eurozone national central banks’ sovereign debt purchases from March 2015 to December 2018.
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