| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19938 |
| 来源ID | Working Paper 19938 |
| Exiting from QE | |
| Fumio Hayashi; Junko Koeda | |
| 发表日期 | 2014-02-27 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We develop a regime-switching SVAR (structural vector autoregression) in which the monetary policy regime, chosen by the central bank responding to economic conditions, is endogenous and observable. There are two regimes, one of which is QE (quantitative easing). The model can incorporate the exit condition for terminating QE. We then apply the model to Japan, a country that has accumulated, by our count, 130 months of QE as of December 2012. Our impulse response and counter-factual analyses yield two findings about QE. First, an increase in reserves raises inflation and output. Second, terminating QE can be expansionary. |
| 主题 | Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w19938 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577610 |
| 推荐引用方式 GB/T 7714 | Fumio Hayashi,Junko Koeda. Exiting from QE. 2014. |
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