Euro-Area Quantitative Easing and Portfolio Rebalancing
利用欧元区投资者证券持有的新综合数据，记录了量化宽松计划的事实：购买合格政府债券存在强烈的本土偏好，外国投资者和银行出售了这些债券，而保险公司和养老金基金则买入，可能降低了这些机构的久期错配。
We use new and comprehensive data on the security holdings of euro-area investors to document facts about the ongoing quantitative easing program. The holdings of purchase-eligible government bonds have strong home bias not only for banks but also for insurance companies, pension funds, and mutual funds, especially in the vulnerable countries. In response to the program, foreign investors sold most of the purchase-eligible government bonds. Banks also sold purchase-eligible government bonds to a lesser extent, but insurance companies and pension funds bought them. Thus, quantitative easing may have reduced the duration mismatch for these institutions.