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Early exit from ECB bond purchase program could reduce GDP growth and inflation
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| Veröffentlicht in: | DIW economic bulletin 7(2017), 49, Seite 533-540 |
|---|---|
| Personen und Körperschaften: | , , |
| Titel: | Early exit from ECB bond purchase program could reduce GDP growth and inflation/ by Marius Clemens, Stefan Gebauer and Malte Rieth |
| Format: | E-Book-Kapitel |
| Sprache: | Englisch |
| veröffentlicht: |
2017
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| Gesamtaufnahme: |
Deutsches Institut für Wirtschaftsforschung: DIW economic bulletin, 7(2017), 49, Seite 533-540
, volume:7 |
| Schlagwörter: | |
| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
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| 520 | |a The European Central Bank is planning a gradual reduction of government bond purchases under the asset purchase program it initiated in 2015. The present study by the German Institute for Economic Research analyzes the potential macroeconomic implications of different exit strategies. The authors examined the potential effects of a reduction in net purchase volume, an early exit, and a faster exit from the program on output and inflation in the euro area. Model simulations showed that economic growth and inflation rates would decrease in all three scenarios. However, the effects of the scenario with reduced asset purchases are less severe than those of an exit from the program that is earlier or faster than expected. In particular, an early exit from the program should significantly affect inflation rates, an effect that the European Central Bank should factor into its decision-making process. | ||
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| contents | The European Central Bank is planning a gradual reduction of government bond purchases under the asset purchase program it initiated in 2015. The present study by the German Institute for Economic Research analyzes the potential macroeconomic implications of different exit strategies. The authors examined the potential effects of a reduction in net purchase volume, an early exit, and a faster exit from the program on output and inflation in the euro area. Model simulations showed that economic growth and inflation rates would decrease in all three scenarios. However, the effects of the scenario with reduced asset purchases are less severe than those of an exit from the program that is earlier or faster than expected. In particular, an early exit from the program should significantly affect inflation rates, an effect that the European Central Bank should factor into its decision-making process. |
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| spelling | Clemens, Marius 1980- VerfasserIn (DE-588)1071573209 (DE-627)826047475 (DE-576)433156597 aut, Early exit from ECB bond purchase program could reduce GDP growth and inflation by Marius Clemens, Stefan Gebauer and Malte Rieth, 2017, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, The European Central Bank is planning a gradual reduction of government bond purchases under the asset purchase program it initiated in 2015. The present study by the German Institute for Economic Research analyzes the potential macroeconomic implications of different exit strategies. The authors examined the potential effects of a reduction in net purchase volume, an early exit, and a faster exit from the program on output and inflation in the euro area. Model simulations showed that economic growth and inflation rates would decrease in all three scenarios. However, the effects of the scenario with reduced asset purchases are less severe than those of an exit from the program that is earlier or faster than expected. In particular, an early exit from the program should significantly affect inflation rates, an effect that the European Central Bank should factor into its decision-making process., Aufsatz in Zeitschrift DE-206, Online-Publikation DE-206, Gebauer, Stefan VerfasserIn (DE-588)112809889X (DE-627)882380443 (DE-576)48568652X aut, Rieth, Malte VerfasserIn aut, Enthalten in Deutsches Institut für Wirtschaftsforschung DIW economic bulletin Berlin : DIW, 2011 7(2017), 49, Seite 533-540 Online-Ressource (DE-627)666218773 (DE-600)2623353-8 (DE-576)348751702 2192-7219 nnns, volume:7 year:2017 number:49 pages:533-540, http://hdl.handle.net/10419/172945 Resolving-System kostenfrei Volltext, http://www.diw.de/sixcms/detail.php?id=diw_01.c.572810.de Verlag kostenfrei Volltext, http://www.diw.de/documents/publikationen/73/diw_01.c.572801.de/diw_econ_bull_2017-49-3.pdf Verlag kostenfrei Volltext, http://www.diw.de/sixcms/detail.php?id=diw_01.c.572810.de LFER, LFER 2019-05-07T00:00:00Z |
| spellingShingle | Clemens, Marius, Gebauer, Stefan, Rieth, Malte, Early exit from ECB bond purchase program could reduce GDP growth and inflation, The European Central Bank is planning a gradual reduction of government bond purchases under the asset purchase program it initiated in 2015. The present study by the German Institute for Economic Research analyzes the potential macroeconomic implications of different exit strategies. The authors examined the potential effects of a reduction in net purchase volume, an early exit, and a faster exit from the program on output and inflation in the euro area. Model simulations showed that economic growth and inflation rates would decrease in all three scenarios. However, the effects of the scenario with reduced asset purchases are less severe than those of an exit from the program that is earlier or faster than expected. In particular, an early exit from the program should significantly affect inflation rates, an effect that the European Central Bank should factor into its decision-making process., Aufsatz in Zeitschrift, Online-Publikation |
| title | Early exit from ECB bond purchase program could reduce GDP growth and inflation |
| title_auth | Early exit from ECB bond purchase program could reduce GDP growth and inflation |
| title_full | Early exit from ECB bond purchase program could reduce GDP growth and inflation by Marius Clemens, Stefan Gebauer and Malte Rieth |
| title_fullStr | Early exit from ECB bond purchase program could reduce GDP growth and inflation by Marius Clemens, Stefan Gebauer and Malte Rieth |
| title_full_unstemmed | Early exit from ECB bond purchase program could reduce GDP growth and inflation by Marius Clemens, Stefan Gebauer and Malte Rieth |
| title_in_hierarchy | Early exit from ECB bond purchase program could reduce GDP growth and inflation / by Marius Clemens, Stefan Gebauer and Malte Rieth, |
| title_short | Early exit from ECB bond purchase program could reduce GDP growth and inflation |
| title_sort | early exit from ecb bond purchase program could reduce gdp growth and inflation |
| title_unstemmed | Early exit from ECB bond purchase program could reduce GDP growth and inflation |
| topic | Aufsatz in Zeitschrift, Online-Publikation |
| topic_facet | Aufsatz in Zeitschrift, Online-Publikation |
| url | http://hdl.handle.net/10419/172945, http://www.diw.de/sixcms/detail.php?id=diw_01.c.572810.de, http://www.diw.de/documents/publikationen/73/diw_01.c.572801.de/diw_econ_bull_2017-49-3.pdf |