Working Paper: QE in a quasi-preferred habitat: The case of the Danish pension sector and the ECB asset purchase programme

Working Paper - January 2021 - No. 167

Authors Autrup, Søren Lejsgaard; Jensen, Jakob Roager
Subject Monetary policy; Capital flows and direct investments; Financial assets and balances; Monetary-policy transmission
Type Working paper
Year 2021
Published 26 January 2021
Abstract icon The reaction of Danish pension companies to ECB’s asset purchase programme is analysed using a novel, in-house data set. The pension companies sold euro bonds and bought Danish bonds in the first months following the introduction of the ECB purchase programme in 2015. After a short while, the pension companies returned as buyers of euro bonds.