, which is more pronounced for higher maturities and when risk aversion proxied by bond market volatility is high. Going … forward, we expect German government debt supply to remain scarce, with important implications for the ECB's monetary policy …

-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 …