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Quantitative Easing in the Euro Area: Transmission Channels and Risks

Author

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  • Klaus-Jürgen Gern

    ()

  • Nils Jannsen

    ()

  • Stefan Kooths

    ()

  • Maik Wolters

    ()

Abstract

The ECB’s recently launched Expanded Asset Purchasing Programme is similar to the quantitative easing programmes undertaken by the US Federal Reserve, the Bank of England and the Bank of Japan. While theory suggests that quantitative easing can stimulate economic growth and spur inflation via several transmission channels, the empirical evidence is ambiguous and does not support strong stimulating effects, in particular for the current situation in the euro area. In addition, there are various risks and unintended consequences that may materialise in the medium or long run. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Klaus-Jürgen Gern & Nils Jannsen & Stefan Kooths & Maik Wolters, 2015. "Quantitative Easing in the Euro Area: Transmission Channels and Risks," Intereconomics: Review of European Economic Policy, Springer;German National Library of Economics;Centre for European Policy Studies (CEPS), vol. 50(4), pages 206-212, July.
  • Handle: RePEc:spr:intere:v:50:y:2015:i:4:p:206-212
    DOI: 10.1007/s10272-015-0543-1
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    Cited by:

    1. Meijers, Huub & Muysken, Joan, 2016. "The impact of quantitative easing in the Netherlands: A stock-flow consistent approach," MERIT Working Papers 067, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    2. Klaus Wiener & Rolf Ketzler, 2016. "Versicherungswirtschaft und Niedrigzinsumfeld: Risiken, Nebenwirkungen und Anpassungsstrategien," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 85(1), pages 65-79.

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