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The economic effects of central bank bond purchase programmes

Author

Listed:
  • Leonardo Gambacorta

    (Banca dei Regolamenti Internazionali)

  • Boris Hofmann

    (Banca dei Regolamenti Internazionali)

Abstract

Monetary policy actions taken over the past three years were key in preventing a financial meltdown. Empirical evidence suggests that central bank bond purchase programmes were effective in lowering bond yields and supporting economic activity. Nevertheless policymakers also need to bear in mind the limits and unintended consequences of their actions. Further rounds of bond purchase programmes may be less effective than initial ones and could determine collateral damages that overcome short term benefits

Suggested Citation

  • Leonardo Gambacorta & Boris Hofmann, 2012. "The economic effects of central bank bond purchase programmes," BANCARIA, Bancaria Editrice, vol. 3, pages 38-50, March.
    • Handle: RePEc:ban:bancar:v:03:y:2012:m:march:p:38-50
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    File URL: http://www.bancaria.it/en/the-economic-effects-of-central-bank-bond-purchase-programmes/
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    Citations

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    Cited by:

    1. Massimo Guidolin & Manuela Pedio, 2019. "Forecasting and Trading Monetary Policy Effects on the Riskless Yield Curve with Regime Switching Nelson†Siegel Models," Working Papers 639, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    2. Massimo Guidolin & Manuela Pedio, 2019. "Forecasting and Trading Monetary Policy Switching Nelson-Siegel Models," BAFFI CAREFIN Working Papers 19106, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

    More about this item

    Keywords

    banche centrali; politica monetaria non convenzionale; crisi finanziaria;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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