Hamed Ghiaie (ESCP Business School) 4.4.2024

It is our pleasure that Dr. Hamed Ghiaie (ESCP Business School) will present on Thursday, April 4, 2024, at 12:45 in room RB437 about the topic “Housing, the Credit Market and ECB’s Asset Purchase Programmes.”

Registration is not required and anyone who would like to attend is warmly invited.

It is also possible to participate online via MS Teams. To get access, please, contact lubomir.cingl@vse.cz.

ABSTRACT: This paper evaluates the interactions between housing, the credit market and the ECB’s asset purchase program from 2015 until 2020 and then in the course of the ECB’s pandemic emergency purchase program (PEPP) in 2020. The model is calibrated for the euro area. The findings illustrate the way in which macro-housing channels affect bank portfolio rebalancing which is the main channel for asset purchases to influence the economy. The results show that asset purchasing performs better during a crisis, particularly if it is conducted for an appropriate extent of time. The findings suggest that the PEPP alone is not sufficient to accelerate recovery. As a result, further actions such as timely targeted fiscal policies are required to step up recovery. However, to protect the financial sector, the PEPP should be extended until the Covid-19 crisis phase is over.

BIO: Hamed Ghiaie serves as an Assistant Professor of Economics and Public Policy at ESCP Business School in Paris. In this capacity, he coordinates the Bachelor Macroeconomics program, co-coordinates the “Public Affairs” specialization, and the Pré-Master Macroeconomics course at ESCP Business School. His professional background includes positions at notable institutions such as the International Labour Organization (ILO), the Organisation for Economic Co-operation and Development (OECD), and the International Monetary Fund (IMF). Additionally, he has been involved in research activities at the Research Group on International Economics and Development (GREDI) in Quebec, Canada.