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.

TABLETUTORIAL: Stata module to provide tutorial on automated table generation and reporting

-tabletutorial- illustrates how Stata can be used to export statistical results and generate customized reports. Part 1 explains how results from Stata routines can be accessed and how they can be exported using the -file- comand or a wrapper such as, e.g., -mat2txt-. Part 2 shows how model estimation results can be archived using -estwrite- and how models can be tabulated and exported to LaTeX, MS Excel, or MS Word using -estout-. Part 3 illustrates how to set up automatic reports in LaTeX or MS Word. The tutorial is based on a talk given at CEPS/INSTEAD in Luxembourg in October 2008. After install, type -help tabletutorial- to start the tutorial (in Stata 8, type -whelp tabletutorial-). The -mat2txt-, -estwrite-, and -estout- packages, also available from SSC, are required to run the examples.

Cours de physique : conforme aux programmes des certificats et de l'agregation de physique.

Mode of access: Internet.

Leçons d'algèbre : conformes aux programmes officiels de l'enseignement des lycées /

Part. 1, 5éme ed. - Part. 2, 3éme ed.

Éléments de géométrie conformes aux programmes de l'enseignement scientifique dans les lycées /

Mode of access: Internet.

Éléments de géométrie conformes aux programmes de l'enseignement scientifique dans les lycées /

Mode of access: Internet.

Éléments de géométrie conformes aux programmes de l'enseignement scientifique dans les lycées /

Mode of access: Internet.

Programmes des cours de l'École Superieure de Pharmacie.

Contiene: v. I. Premier semestre - v. II. Second semestre.

Lecons de mécanique conformes aux programmes officiels: a l'usage des élèves des classes de mathématiques spéciales et des candidats à l'Ecole polytechnique et à l'Ecole normale /

Mode of access: Internet.

Éléments de mécanique rédigés d'après les programmes d'admission pour l'École Polytechnique adoptés par l'Université Impériale: suivis d'additions relatives a la mécanique des systèmes de points matériels, extraites des lecons de mécanique physique, professées de 1838 a 1848, a la Faculté des Sciences de París, par M. Poncelet /

Mode of access: Internet.

Abrégé d'histoire ancienne : avec des cartes géographiques : rédigé conformémente aux dernieres programmes officiels pour la classe de sixième /

Mode of access: Internet.

Institutions des sourds et muets, ou Recueil des exercices foutenus par les sourds [et] muets pendant les années 1771, 1772, 1773 [et] 1774 : avec las lettres qui on accompagné les programmes de chacun de ces exercices.

Mode of access: Internet.

Conversion of federal ADP systems : a tutorial /

"Issued August 1980."

Cours compémentaire d'arabe parlé [microform] : (conforme aux derniers programmes officiels) : enseignement par l'image et par la méthode directe /

Microfilm.

The tutorial history of Greece : from the earliest times to the death of Demosthenes /

Third impression.