Front Matter Page
Monetary and Capital Markets Department
The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area 1
Prepared by William Arrata2, Benoit Nguyen3, Imène Rahmouni-Rousseau4 and Miklos Vari5
Authorized for distribution by Gaston Gelos
December 2018
Contents
1 Introduction
2 The repo market and central bank asset purchases: an interplay of different possible mechanisms
3 Data
4 Empirical strategy
5 Results
6 Implications for monetary policy
7 Conclusion