| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9153 |
| DP9153 Qualitative Easing: How it Works and Why it Matters | |
| Roger Farmer | |
| 发表日期 | 2012-09-30 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper is about the effectiveness of qualitative easing; a government policy that is designed to mitigate risk through central bank purchases of privately held risky assets and their replacement by government debt, with a return that is guaranteed by the taxpayer. Policies of this kind have recently been carried out by national central banks, backed by implicit guarantees from national treasuries. I construct a general equilibrium model where agents have rational expectations and there is a complete set of financial securities, but where agents are unable to participate in financial markets that open before they are born. I show that a change in the asset composition of the central bank?s balance sheet will change equilibrium asset prices. Further, I prove that a policy in which the central bank stabilizes fluctuations in the stock market is Pareto improving and is costless to implement. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal policy monetary policy Qualitative easing |
| URL | https://cepr.org/publications/dp9153 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537988 |
| 推荐引用方式 GB/T 7714 | Roger Farmer. DP9153 Qualitative Easing: How it Works and Why it Matters. 2012. |
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