Finland benefits from Eurosystem’s securities purchases

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Title: Finland benefits from Eurosystem’s securities purchases
Author: Newby, Elisa ; Orjasniemi, Seppo
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 89
Series number: 3/2015
Year of publication: 2015
Publication date: 30.6.2015
Pages: 55-65
Subject (yso): rahapolitiikka; ennusteet; arvopaperit; rahoitusmarkkinat
Keywords: yleisen tasapainon malli; arvopaperiostot; EKP; eurojärjestelmä; Suomi; EAPP; euroalue
Other keywords: monetary policy; forecast; general equilibrium model; securities purchases
Abstract: The effects of the Eurosystem’s expanded asset purchase programme (EAPP) are already visible on the financial markets. The achievements of the programme are, however, only intermediate goals from a central bank perspective, through which the effects of the programme can work through to the real economy and prices. To a small open economy such as Finland, the effects of the programme are transmitted particularly via lower market interest rates and a weaker exchange rate. According to calculations conducted at the Bank of Finland, the EAPP will stimulate Finland’s GDP growth by 0.2 of a percentage point and inflation by 0.3 of a percentage point in 2015.

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