| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21336 |
| 来源ID | Working Paper 21336 |
| Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing | |
| Saroj Bhattarai; Gauti B. Eggertsson; Bulat Gafarov | |
| 发表日期 | 2015-07-13 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We present a signalling theory of Quantitative Easing (QE) at the zero lower bound on the short term nominal interest rate. QE is effective because it generates a credible signal of low future real interest rates in a time consistent equilibrium. We show these results in two models. One has coordinated monetary and fiscal policy. The other an independent central bank with balance sheet concerns. Numerical experiments show that the signalling effect can be substantial in both models. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w21336 |
| 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/579008 |
| 推荐引用方式 GB/T 7714 | Saroj Bhattarai,Gauti B. Eggertsson,Bulat Gafarov. Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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