全球智库信息集成服务系统(G2TT): The Theory of Unconventional Monetary Policy

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w22135
来源ID	Working Paper 22135
	The Theory of Unconventional Monetary Policy
	Roger Farmer; Pawel Zabczyk
发表日期	2016-04-04
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	Macroeconomics ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions
URL	https://www.nber.org/papers/w22135
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/579808
推荐引用方式 GB/T 7714	Roger Farmer,Pawel Zabczyk. The Theory of Unconventional Monetary Policy. 2016.