The Impact of the ECB’s Asset Purchase Programmes on Sovereign Bond Spreads in the Euro Area. Bruges European Economic Research Papers 35/2015

This paper estimates the immediate impact of the European Central Bank’s asset purchase programmes on sovereign bond spreads in the euro area between 2008 and 2015 using a country-by-country GARCH model. The baseline estimates are rigorously diagnosed for misspecification and subjected to a wide range of sensitivity tests. Among others, changes in the dependent variable, the independent variables and the number of (G)ARCH terms are tested. Moreover, the model is applied to subsamples and dynamic conditional correlations are analyzed to estimate the effects of the asset purchases on the contagion of spread movements. Generally, it is found that the asset purchase programmes triggered an reduction of sovereign bond spreads. More specifically, the Securities Markets Programme (SMP) had the most significant immediate effects on sovereign bond spreads across the euro area. The announcements related to the Outright Monetary Transactions (OMT) programme also yielded substantial spread compression in the periphery. In contrast to that, the most recent Public Sector Purchase Programme (PSPP) announced in January 2015 and implemented since March 2015 had no significant immediate effects on sovereign bond spreads, except for Irish spreads. Hence, immediate effects seem to be dependent upon the size of the programme, the extent to which it targets distressed sovereigns and the way in which it is communicated.

Wisconsin State Capitol : guide and history /

Latest issue consulted: 34th (2002).

William McKinley papers [microform]

Gifts of George B. Cortelyou, Sr. and Jr., 1935-46; and other gifts, purchases and transfers, 1902-59.

Family expenditures in selected cities, 1935-36 ....

"The National resources committee and the Central statistical board cooperated in the nation-wide study."--Pref.

Family income and expenditure in Chicago, 1935-36.

Study of consumer purchases: urban series [no. 1]

Current business reports.

Title from caption.

Current business reports.

Description based on: 1974; title from cover.

Arne Magnussons i AM. 435 A-B, 4to indeholdte håndskriftfortegnelser : med to tillæg /

"The list in A.M. 435B is that of Þormóður Torfason's MSS.-collection, by Árni Magnússon. The appendices consist of a list of Á. Magnússon's purchases at the Rostgaard auction 1726, and a list of MSS. in Bibliotheca Resenii 1685"--Halldór Hermannsson. Cat. of the Icelandic Coll., p. 17.

Opportunities to enhance the purchase of environmentally preferable products : a report to the Illinois General Assembly.

State government purchases a wide array of goods and services, ranging from office supplies to motor vehicles to energy. While purchasing officials are working to get the maximum value out of each dollar they spend, products with reduced environmental impacts are becoming increasingly available in the marketplace to help state agencies meet the challenge of operating more efficiently. Known as environmentally preferable or "green," these products can save energy and water, reduce waste generation and improve the workplace environment. ... This report provides recommendations on steps Illinois state government can take to expand the purchase of products that have a reduced impact on human health and the environment, while maintaining fiscal responsibility. The report was prepared by the Interagency Working Group on Environmentally Preferable Purchasing, which was created by Governor Rod Blagojevich in response to House Resolution 797. The Working Group included representatives of the Capital Development Board; Department of Central Management Services; Department of Natural Resources, Department of Commerce and Economic Opportunity; Environmental Protection Agency; and Governor's Office of Management and Budget.

The Retail Education Project /

A part of the ILCC Retail Education Program.

Acts and joint resolutions of the General Assembly of the Commonwealth of Virginia.

Includes extra sessions.

Family income and expenditures : Five regions : Part 2, family expenditures /

"This volume, one of a series of reports from the study of consumer purchases, is part 2 of the report on Family income and expenditures, Urban and village series. Part 1 was issued in four volumes."--Foreword.

Family housing and facilities, five regions,

Contribution from Bureau of home economics in cooperation with the Work projects administration.

Family expenditures for medical care, five regions,

Made-up set; supplied title.

Family expenditures for automobile and other transportation : five regions /

"This volume presents a description of the automobile and other transportation expenditures of families at different income levels in the small cities, villages, and farm counties survey by the Bureau of Home Economics as a part of the consumer purchases study. Other reports deal with family income, with the pattern of family consumption as a whole, and with expenditures for major family budget categories, such as food, clothing, and housing."--Foreword.