Rieth, Malte; Piffer, Michele; Hachula, Michael - In: DIW Economic Bulletin 6 (2016) 7, pp. 83-91
measures on the macro-economy. The estimates show that unexpected changes in monetary policy that lower euro-area sovereign … bond yields lead to a significant rise in real GDP, consumer prices, inflation expectations, and credit volume in the euro … area. The effects on the German economy are very similar. All in all, the evaluation shows that non-standard monetary …