This study examines the effectiveness of European Central Bank asset purchase program (quantitative easing) on the long-term interest rates. In particular, the study evaluates the effectiveness or influence of the European Central Bank’s non-conventional...
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This study examines the effectiveness of European Central Bank asset purchase program (quantitative easing) on the long-term interest rates. In particular, the study evaluates the effectiveness or influence of the European Central Bank’s non-conventional monetary policy tool, quantitative easing (also known as asset purchase program) on the yield of 5-year sovereign government bonds of Eurozone economies. The main objective and the motivation for this study is to provide the compact effects or influence of the quantitative easing in the Eurozone economies, as the current literature on quantitative easing insufficiently covers the effects of quantitative easing in the euro area. The duration of the quantitative easing or asset purchase program is from the end of 2014 until the first quarter of 2017; however, the currently available literature only studies the effects of the asset purchase program until mid of 2016. Very few researches are published after the completion of the quantitat
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