15 The identification follows: Baumeister, C. and L. Benati (2013), “Unconventional Monetary Policy and the Great  Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower Bound", International Journal of Central Banking, Vol. 9(2), pages 165–212 and Altavilla, C., D. Giannone and M. Lenza (2016), “The Financial and Macroeconomic Effects of the OMT Announcements", International Journal of Central Banking, Vol.
12(3), pages 29–57. 16 Chart 5 shows impulse responses averaged across the four countries (Germany, Spain, France, Italy). The  point estimates shown in the chart are subject to estimation uncertainty; standard errors are not shown. 17 The effects of the APP turn out to differ somewhat across the four countries.