See Elderson, F. (2022), “Proportioning policy action to the evidence: making the monetary policy strategy of the ECB concrete”, speech at the Institute of International & European Affairs webinar, Frankfurt am Main, 24 March. 9. The individual effect of the APP can only be distinguished from the effects of other monetary policy measures implemented over the same period by means of econometric models.
See Dossche M., Hartwig J. and Pierluigi, B. (2021), “The impact of the PSPP and negative interest rate policy on savers and borrowers”, in Rostagno, M. et al., Monetary Policy in Times of Crisis: A Tale of Two Decades of the European Central Bank, Oxford University Press, Oxford. See also Lenza M. and Slacalek, J.