Real Effects of the ECB's Quantitative Easing: A Housing Portfolio Channel

When Domestic and Foreign QE Overlap: Evidence from Sweden

“…The effects of the Riksbank QE were transmitted primarily through the term premium and households' financing conditions. On a similar note, Kaat et al (2021) propose a housing portfolio channel of QE, where intermediaries rebalance their portfolios from bonds to housing. By using German regional-level data, they find evidence of such channel for the ECB QE.…”