monetary policy actions of the European Central Bank (ECB). In particular, this paper focuses on the asymmetries in bond market …

The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with … exceptional initiatives resulting in a major increase in their balance sheets. After the ECB's end-2011 launch of three-year bank … differences remain: the Bank of England and Fed have mostly relied on large-scale purchases of government bonds, while the ECB has …

We develop a dynamic general equilibrium model to analyze the effects of central bank purchases of government bonds by …

-the-counter market. It allows us to address important open questions about the effects of central bank purchases of government bonds … externality. Concretely, the value of money is increased as central bank's purchases of government bonds induce agents to increase …