Dispelling the shadow of fiscal dominance? Fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic.

J Int Money Finance · 2022 · PMC9756391 · PMID 36540192

Europe PMC DOI

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highly significantno p-value reported

For the extended event window of two days, we find a larger and statistically highly significant negative effect for the PEPP, associated with an average reduction in the spreads of 12.2 basis points (18.0 basis points for the day after the announcement).

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marginal significanceno p-value reported

Turning to our second type of fiscal events that cover relaxations of EU fiscal rules we find a spread increasing effect, albeit with marginal significance.

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Quoted from the open-access full text in Europe PMC under the licence the publisher applied. The sentence is reproduced exactly as published; the emphasis is ours.