| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13100 |
| DP13100 Central Bank Balance Sheet Policies Without Rational Expectations | |
| Dmitriy Sergeyev; Luigi Iovino | |
| 发表日期 | 2018-08-05 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study the effects of central bank balance sheet policies—namely, quantitative easing and foreign exchange interventions—in a model where people form expectations through the level-k thinking process, which is consistent with experimental evidence on the behavior of people in strategic environments. We emphasize two main theoretical results. First, under a broad set of conditions, central bank interventions are effective under level-k thinking, while they are neutral in the rational expectations equilibrium. Second, forecast errors about future endogenous variables are predictable by balance sheet interventions. We confirm these predictions using data on mortgage purchases by US government sponsored enterprises. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Quantitative easing Foreign exchange interventions Level-k thinking |
| URL | https://cepr.org/publications/dp13100 |
| 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/541904 |
| 推荐引用方式 GB/T 7714 | Dmitriy Sergeyev,Luigi Iovino. DP13100 Central Bank Balance Sheet Policies Without Rational Expectations. 2018. |
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