Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/251302 
Year of Publication: 
2021
Series/Report no.: 
Sveriges Riksbank Working Paper Series No. 404
Publisher: 
Sveriges Riksbank, Stockholm
Abstract: 
We estimate the effects of domestic and foreign quantitative easing (QE) programmes on a small open economy, Sweden, using a structural BVAR model. Domestic QE raised GDP, lowered unemployment and depreciated the currency, while effects on in ation are less clear. The ECB QE had large positive effects on both GDP and in ation in Sweden, also due to the endogenous response of domestic QE to the foreign one. In terms of transmission channels, domestic QE improved lending conditions for households and lowered expected future rates, while foreign QE improved financing conditions for firms.
Subjects: 
Quantitative Easing
international spillovers
transmission channels
small open economy
Bayesian VAR models
JEL: 
E44
E52
F41
G15
Document Type: 
Working Paper

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