| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11381 |
| DP11381 QE in the future: the central bank’s balance sheet in a fiscal crisis | |
| [unavailable] | |
| 发表日期 | 2016-07-09 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Analysis of quantitative easing (QE) typically focus on the recent past studying the policy’s effectiveness during a financial crisis when nominal interest rates are zero. This paper examines instead the usefulness of QE in a future fiscal crisis, modeled as a situation where the fiscal outlook is inconsistent with both stable inflation and no sovereign default. The crisis can lower welfare through two channels, the first via aggregate demand and nominal rigidities, and the second via contractions in credit and disruption in financial markets. Managing the size and composition of the central bank’s balance sheet can interfere with each of these channels, stabilizing inflation and economic activity. The power of QE comes from interest-paying reserves being a special public asset, neither substitutable by currency nor by government debt. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | New-style central banks Unconventional monetary policy |
| URL | https://cepr.org/publications/dp11381 |
| 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/540195 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP11381 QE in the future: the central bank’s balance sheet in a fiscal crisis. 2016. |
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