The ECB's asset purchase programme: Theory, effects, and risks
梳理了欧洲央行应对新冠危机重启大规模资产购买计划的理论与证据，分析其在货币政策工具箱中的作用及逐步退出的风险，并展望未来政策走向。
Abstract In response to the Covid‐19 crisis, the European Central Bank (ECB) has relaunched a massive asset purchase programme within its combined‐arms monetary strategy. This paper surveys and discusses the theory and the evidence of the central bank's unconventional monetary tools for the euro area. It analyses the role of the asset purchase programmes in the ECB's toolkit and the associated risks, focusing specifically on the gradual unwinding of these unconventional initiatives. Finally, the paper offers some insight into the possible evolution of the ECB's monetary policy.