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Spillover of Asset Purchases Within the Real Sector: Win-Win or Joy and Sorrow?

Sondershaus, Talina LU (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:
author
publishing date
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}},
}