| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11196 |
| DP11196 The Theory of Unconventional Monetary Policy | |
| Roger Farmer; Pawel Zabczyk | |
| 发表日期 | 2016-03-28 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper is about the effectiveness of qualitative easing, a form of unconventional monetary policy that changes the risk composition of the central bank balance sheet with the goal of stabilizing economic activity. We construct a general equilibrium model where agents have rational expectations and there is a complete set of financial securities, but where some agents are unable to participate in financial markets. We show that a change in the risk composition of the central bank's balance sheet will change equilibrium asset prices and we prove that, in our model, a policy in which the central bank stabilizes non-fundamental fluctuations in the stock market is Pareto improving and self-financing. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Qualitative easing Unconventional monetary policy Sunspots |
| URL | https://cepr.org/publications/dp11196 |
| 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/540013 |
| 推荐引用方式 GB/T 7714 | Roger Farmer,Pawel Zabczyk. DP11196 The Theory of Unconventional Monetary Policy. 2016. |
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