7  Over the next decade, the gap between the average debt burden and GDP growth will gradually have a less positive effect on the debt ratio, due to the inevitable normalization of the growth rate of the economy and of short- and long-term interest rates. In addition, the ageing of the population will exert upward pressure on current primary expenditure.
This exchange rate channel increases consumer prices, with marginal impact on output, not unlike those identified by Dedola and co-authors (2017). This new version of the framework will continue to help us form a consistent view about conjunctural developments and will be applied to analyse the quantitative impact of alternative policy scenarios. So what have I learned about QE programmes and specifically the APP?