In August 2022, the US Congress passed the Inflation Reduction Act (IRA), a comprehensive piece of legislation aiming to stimulate the US economy and to increase its resilience. At an estimated 430 billion euros, it is a massive government investment and spending program in the welfare state,...

The notes in this compilation analyse the potential side effects of the ECB expanded asset purchase programme (Quantitative Easing or QE) by focusing on the channels through which monetary policy may affect the distribution of income and wealth, e.g by favouring financial rather than labour...

The notes in this compilation analyse the potential side effects of the ECB expanded asset purchase programme (Quantitative Easing or QE) by focusing on the channels through which monetary policy may affect the distribution of income and wealth, e.g by favouring financial rather than labour...

The ECB has engaged in several forms of unconventional monetary policy since 2007. This report documents empirically that the implemented measures were effective. In a counter-factual analysis, the report simulates the effects of an unconventional monetary policy shock of -10 basis points to...

To cushion the economic effects of the coronavirus pandemic, central banks havetaken far-reaching monetary policy measures. The US Federal Reserve has loweredits interest rates and, like the European Central Bank, has expanded its bond pur-chase programs. However, it is questionable whether...

As the coronavirus pandemic spread across the globe in early 2020, the European Central Bank as well as national governments in the euro area enacted or announced numerous economic policy measures to counteract the severe economic consequences of the resulting lockdowns. In this paper, the...