| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10594 |
| DP10594 Non-Neutrality of Open-Market Operations | |
| PIerpaolo Benigno; Salvatore Nisticò | |
| 发表日期 | 2015-05-17 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We analyze the effects on inflation and output of unconventional open-market operations due to the possible income losses on the central bank's balance sheet. We first state a general Neutrality Property, and characterize the theoretical conditions supporting it. We then discuss three non-neutrality results. First, when treasury's support is absent, sizeable balance-sheet losses can undermine central bank's solvency and should be resolved through a substantial increase in inflation. Second, a financially independent central bank - i.e. averse to income losses - commits to a more inflationary stance and delayed exit strategy from a liquidity trap. Third, if the treasury is unable or unwilling to tax households to cover central bank's losses, the wealth transfer to the private sector also leads to higher inflation. Finally, we argue that non-neutral open-market operations can be used to escape suboptimal policies during a liquidity trap. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Central bank's balance sheet Qe Unconventional monetary policy |
| URL | https://cepr.org/publications/dp10594 |
| 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/539426 |
| 推荐引用方式 GB/T 7714 | PIerpaolo Benigno,Salvatore Nisticò. DP10594 Non-Neutrality of Open-Market Operations. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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