Graziano, Marco; Koechlin, Marius; Tischbirek, Andreas - 2026
We study the spillovers of large-scale asset purchases (LSAPs) in the U.S. on financial intermediation in the euro area … the impact of LSAPs through bank balance sheets. We find that the Federal Reserve affects credit provision in the euro … response to an LSAP shock that leads to a steepening of the U.S. Treasury yield curve, the Treasury positions of euro area …