Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/242949 
Year of Publication: 
2021
Series/Report no.: 
BoF Economics Review No. 4/2021
Publisher: 
Bank of Finland, Helsinki
Abstract: 
We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic effects are measured using structural vector autoregressions. In the framework, multiple monetary policy measures may simultaneously be analysed. According to our results, the asset purchase programmes implemented during the crisis have increased the annual GDP growth by approximate 2 percentage points in 2020-2021 and inflation by 0.5 percentage points. The longer-term refinancing operations have contributed positively but more mildly to the economic activity.
Subjects: 
Monetary policy
Covid-19
ECB
structural VAR
policy evaluation
JEL: 
C32
C54
E43
E52
E58
Persistent Identifier of the first edition: 
Document Type: 
Research Report

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