Spillover of Asset Purchases Within the Real Sector: Win-Win or Joy and Sorrow?
(2019) In IWH Discussion Papers- Abstract
- Events which have an adverse or positive effect on some firms can disseminate through the economy to firms which are not directly affected. By exploiting the first large sovereign bond purchase programme of the ECB, this paper investigates whether more lending to some firms spill over to firms in the surroundings of direct beneficiaries. Firms operating in the same industry and region invest less and reduce employment. The paper shows the importance to consider spillover effects when assessing unconventional monetary policies: Differences between treatment and control groups can be entirely attributed to negative effects on the control group.
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/781fff88-5f66-487f-a734-89af95f82d7b
- author
- Sondershaus, Talina LU
- publishing date
- 2019-10
- type
- Working paper/Preprint
- publication status
- published
- subject
- keywords
- asset purchase programmes, asset purchase small and medium enterprises, investments, D22, E58, G21, G28
- in
- IWH Discussion Papers
- issue
- 22/2019
- language
- English
- LU publication?
- no
- id
- 781fff88-5f66-487f-a734-89af95f82d7b
- alternative location
- https://www.iwh-halle.de/fileadmin/user_upload/publications/iwh_discussion_papers/iwh-discussion-paper_2019-22_Sondershaus.pdf
- date added to LUP
- 2022-09-27 11:36:19
- date last changed
- 2022-11-07 15:38:30
@misc{781fff88-5f66-487f-a734-89af95f82d7b, abstract = {{Events which have an adverse or positive effect on some firms can disseminate through the economy to firms which are not directly affected. By exploiting the first large sovereign bond purchase programme of the ECB, this paper investigates whether more lending to some firms spill over to firms in the surroundings of direct beneficiaries. Firms operating in the same industry and region invest less and reduce employment. The paper shows the importance to consider spillover effects when assessing unconventional monetary policies: Differences between treatment and control groups can be entirely attributed to negative effects on the control group.}}, author = {{Sondershaus, Talina}}, keywords = {{asset purchase programmes; asset purchase small and medium enterprises; investments; D22; E58; G21; G28}}, language = {{eng}}, note = {{Working Paper}}, number = {{22/2019}}, series = {{IWH Discussion Papers}}, title = {{Spillover of Asset Purchases Within the Real Sector: Win-Win or Joy and Sorrow?}}, url = {{https://www.iwh-halle.de/fileadmin/user_upload/publications/iwh_discussion_papers/iwh-discussion-paper_2019-22_Sondershaus.pdf}}, year = {{2019}}, }