HIGHLIGHTS
SUMMARY
An APP can become an effective way to signal a change in the monetary policy stance (see, among others, Bhattari et_al, 2015; and Jeanne and amp; Svensson, 2007). As far as the PSPP is specifically concerned, there was the activation of the portfolio rebalancing channel with large effects on longer maturities and risky assets (see Altavilla et_al, 2015; and Zaghini, 2019). The ECB estimates that the compression in sovereign yields due to its policies was around 100 basis points for the 10-year maturity, with a confidence interval between 70 and 130 bps (Eser . . .
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