Inspecting the Mechanism of Quantitative Easing in the Euro Area
NBER Working Paper No. 26152
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Working papers reflect the opinions of the authors and do not necessarily express the views of the Banque de France, the Eurosystem, or the National Bureau of Economic Research. For comments and discussions, we thank Diana Bonfim, Francisco Gomes, Arvind Krishnamurthy, Christian Lundblad, Angela Maddaloni, Gregor Matvos, Emanuel Moench, Benoit Mojon, Lubos Pastor, Hélène Rey, Harald Uhlig, and conference and seminar participants at the Banque de France, Berkeley, the European Central Bank, Chicago Booth, the 12th CSEFIGIER Symposium on Economics and Institutions, Fric’16: Conference on Financial Frictions, the Toulouse School of Economics, OFCE Workshop Empirical Monetary Economics 2016, the 2017 AEA Meetings, the 2018 AFA meetings, Luxembourg School of Finance, National Bank of Belgium, Benelux Banking Research Day (Leuven), Annual conference of the Swiss Society for Financial Market Research, 6th International Conference on Sovereign Bond Markets, FIRS annual conference (Savannah), FEBS Conference (Prague), First CefES conference (Milan), and London Business School. Ralph Koijen gratefully acknowledges support from the European Research Council (ERC grant no. 338082) and from the Center for Research in Security Prices.