Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/300655 
Year of Publication: 
2024
Series/Report no.: 
WiSo-HH Working Paper Series No. 83
Publisher: 
Universität Hamburg, Fakultät für Wirtschafts- und Sozialwissenschaften, WiSo-Forschungslabor, Hamburg
Abstract: 
We estimate the dynamic effects of a high-frequency identified unionwide quantitative easing (QE) shock on real GDP, inflation and unemployment in all euro area countries. We document that the effects of QE are very heterogenous across countries as regards size, significance and timing, especially with respect to GDP and unemployment. Exploiting the panel structure of our dataset, we show that the effect of QE on real GDP is amplified by a larger fraction of liquidity-constrained households in a country. The latter result seems to be driven by the general equilibrium impact of QE on unemployment.
Subjects: 
Quantitative easing
inequality
LP-IV
DSGE
Household Finance and Consumption Survey (HFCS)
Europe
JEL: 
E52
E58
E56
E24
C23
C26
Document Type: 
Working Paper

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