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The ECB's asset purchase programme: Theory, effects, and risks

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  • Pierpaolo Benigno
  • Paolo Canofari
  • Giovanni Di Bartolomeo
  • Marcello Messori

Abstract

In response to the Covid‐19 crisis, the European Central Bank (ECB) has relaunched a massive asset purchase programme within its combined‐arms monetary strategy. This paper surveys and discusses the theory and the evidence of the central bank's unconventional monetary tools for the euro area. It analyses the role of the asset purchase programmes in the ECB's toolkit and the associated risks, focusing specifically on the gradual unwinding of these unconventional initiatives. Finally, the paper offers some insight into the possible evolution of the ECB's monetary policy.

Suggested Citation

  • Pierpaolo Benigno & Paolo Canofari & Giovanni Di Bartolomeo & Marcello Messori, 2023. "The ECB's asset purchase programme: Theory, effects, and risks," Journal of Economic Surveys, Wiley Blackwell, vol. 37(3), pages 890-914, July.
    • Handle: RePEc:bla:jecsur:v:37:y:2023:i:3:p:890-914
    DOI: 10.1111/joes.12521
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