-level data for German government bonds, purchased under the Public Sector Purchase Program (PSPP) of the ECB/Eurosystem. This … in bond markets. Asset purchase policies are not without side effects, though, as the induced scarcity has an adverse …

We study the response of bond spreads to a liquidity supply shock in the credit default swap (CDS) market. Our … transactions and bond portfolio holdings of German investors. Following the shock, CDS market liquidity declines and bond spreads … a mechanism: as CDS insurance on their bond holdings becomes costlier, investors offload the bonds. Our results …

press releases, ECB blog contributions, speeches and interviews on changes in government bond spreads. Second, we assess …This paper investigates the financial market effects of the ECB's communication on the Pandemic Emergency Purchase … whether spreads react differently to communication by specific ECB Executive Board members. Markets turn out to be sensitive …

During the global financial crisis, stressed market conditions led to skyrocketing corporate bond spreads that could …-variations in the relationship between systematic risk factors and corporate bond spreads. First, we apply Bayesian model averaging …

We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the … inefficient time-variation in the term premia and allow for a credit channel of central bank government bond purchases …. Considering ad hoc asset purchase programmes like the one implemented by the ECB, we show that their macroeconomic multipliers get …

Purchase Programme (CSPP). Did these purchases lead to a deterioration of liquidity conditions in the corporate bond market …

The ECB's one size monetary policy is unlikely to fit all euro area members at all times, which raises the question of … between actual ECB interest rates and Taylor-rule implied optimal rates at the member state level. Optimal rates explicitly …