【Macro Seminar】What Does It Take? Quantifying Cross-Country Transfers in the Eurozone
2026/06/10
研討會日期 : 2026-06-10
時間 : 14:30
主講人 : Dr. YiLi Chien (簡怡立)
地點 : Conference Room B110
主持人 : Professor Juin-Jen Chang
演講者簡介 : Dr. YiLi Chien received his Ph.D. in Economics from the University of California, Los Angeles in 2006. He is currently a Senior Economic Policy Advisor at the Federal Reserve Bank of St. Louis. His research interests are Macroeconomics, Public Finance, International Finance, and Household Finance.
演講摘要 : We compute the cross-country transfers that result from unconventional monetary policy in the Eurozone. The ECB funds the expansion of its aggregate balance sheet mostly by issuing bank reserves and cash in core countries. The national central banks (NCBs) in periphery countries then borrow from the core NCBs at below-market rates to fund the asset purchases and bank lending. In addition, NCBs in the periphery lend more to their own banks at below-market rates. To compute the cross-country transfers, we compare the resulting cross-country distribution of NCB income to a counterfactual scenario without the ECB and without nonmarketable intra-Eurozone debt. We document significant and persistent transfers from the core to the periphery.
