Magnitudes and capital key divergence of the Eurosystem's PSPP/PEPP purchases - update December 2021

Birkholz, Carlo ; Heinemann, Friedrich

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URN: urn:nbn:de:bsz:180-madoc-644403
Document Type: Working paper
Year of publication: 2021
The title of a journal, publication series: ZEW-Kurzexpertise
Volume: 21-13
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Kurzexpertisen
Subject: 330 Economics
Abstract: The ECB Council has to take a decision on the future of its asset purchase programmes as the monetary crisis support that was appropriate in the early phase of the pandemic needs to be adjusted to new circumstances. The changing environment is characterized by an advanced recovery from the pandemic contraction and by new growth obstacles such as shortages of important inputs. With these changes, initially convincing arguments for extraordinary monetary policy supports are losing their strength. Against this background, this study updates an earlier quantitative analysis on the conduct of both the PEPP and the PSPP since the outbreak of the pandemic. For PSPP/PEPP purchases between March 2020 and September 2021, this expertise assesses the size of purchase flows and stocks, country allocations and their proportionality to the ECB capital key, and their magnitude relative to GDP and public debt.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.

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