Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/237123 
Year of Publication: 
2018
Citation: 
[Journal:] Financial Innovation [ISSN:] 2199-4730 [Volume:] 4 [Issue:] 1 [Publisher:] Springer [Place:] Heidelberg [Year:] 2018 [Pages:] 1-21
Publisher: 
Springer, Heidelberg
Abstract: 
Much research has been devoted to examination of the financial easing policy of the European Central Bank (ECB). However, this study is one of the first to use a dynamic micro-founded model to investigate empirically the impact of the ECB's Quantitative Easing (QE) policy on consumption and investment by economic agents in Italy (households, government, firms, and the rest of the world). For this purpose, we constructed a Financial Social Accounting Matrix (FSAM) for the Italian economy for the year 2009 to calibrate a dynamic computable general equilibrium model (DCGE). This model allowed us to evaluate the direct and indirect impact of money flow on the behavior of consumption and investment. The findings of the study confirmed the positive impact of the ECB's monetary policy on the level of investment and consumption.
Subjects: 
European Central Bank
Quantitative easing
Monetary policy
Investment behavior
Social accounting matrix
Dynamic CGE analysis
JEL: 
C63
E17
E52
D57
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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