Asset purchases having ‘sizeable’ impact on prices in eurozone, ECB paper finds
Low levels of ‘market distress’ weakening some transmission channels but bolstering others
The European Central Bank (ECB) asset purchase programme has had a "sizeable" impact on asset prices, despite being announced in January 2015 at a time of "low financial distress", according to a working paper published by the ECB.
In Asset purchase programmes and financial markets: lessons from the euro area, Carlo Altavilla, Giacomo Carboni and Roberto Motto note quantitative easing (QE) in the US and UK was more effectual in earlier programmes, when distress was at its highest.
In the
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