Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper uses a dynamic stochastic general equilibrium model with financial frictions to quantify the effects of the European Central Bank’s recent asset purchase programme. Our results suggest that the macroeconomic effects of purchases are potentially important when the programme is associated with forward guidance on the interest rate. The signalling that the future monetary policy stance will remain accommodative is the prominent transmission channel.