| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10495 |
| DP10495 What are the macroeconomic effects of asset purchases? | |
| Martin Weale; Tomasz Wieladek | |
| 发表日期 | 2015-03-15 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We examine the impact of large scale asset purchase announcements of government bonds on real GDP and the CPI in the United Kingdom and the United States with a Bayesian VAR, estimated on monthly data from 2009M3 to 2014M5. We identify an asset purchase announcement shock with four different identification schemes, always leaving the reactions of real GDP and CPI unrestricted, to test whether these variables react to asset purchases. We then explore the transmission channels of this policy. The results suggest that an asset purchase announcement of 1% of GDP leads to a statistically significant rise of .58% (.25%) and .62% (.32%) rise in real GDP and CPI for the US (UK). In the US, this policy is transmitted through the portfolio balance channel and a reduction in household uncertainty. In the UK, the policy seems to be mainly transmitted through the impact on investors? risk appetite and household uncertainty. |
| 主题 | International Macroeconomics |
| 关键词 | Unconventional monetary policy Bayesian var |
| URL | https://cepr.org/publications/dp10495 |
| 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/539327 |
| 推荐引用方式 GB/T 7714 | Martin Weale,Tomasz Wieladek. DP10495 What are the macroeconomic effects of asset purchases?. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Martin Weale]的文章 |
| [Tomasz Wieladek]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Martin Weale]的文章 |
| [Tomasz Wieladek]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Martin Weale]的文章 |
| [Tomasz Wieladek]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
