Boeckx, Jef; Dossche, Maarten; Peersman, Gert - Nationale Bank van België/Banque national de Belqique (BNB) - 2014
We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity...
