Fiscal implications of the ECB’s Public Sector Purchase Programme
The large Public Sector Purchase Programme (PSPP), which the ECB started in 2015 for monetary policy purposes, had major side effects on fiscal policy. One concerns the programme’s uncommon seigniorage effects. We find that the PSPP not only led to partly negative seigniorage gains, but also produce...
Enregistré dans:
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| Format: | Article ou chapitre numérique |
| Langue: | Français |
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2019
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| Accès en ligne: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |