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purchases have similar effects on the real economy under monetary and fiscal dominance, wealth effects yield a qualitatively …. The longer the average maturity, the more volatile is the transmission of quantitative easing to the real economy. …
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We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU fiscal level - has been more crucial for the stabilization of...
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