| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22259 |
| 来源ID | Working Paper 22259 |
| The Great Escape? A Quantitative Evaluation of the Fed\u2019s Liquidity Facilities | |
| Marco Del Negro; Gauti Eggertsson; Andrea Ferrero; Nobuhiro Kiyotaki | |
| 发表日期 | 2016-05-23 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We introduce liquidity frictions into an otherwise standard DSGE model with nominal and real rigidities and ask: Can a shock to the liquidity of private paper lead to a collapse in short-term nominal interest rates and a recession like the one associated with the 2008 U.S. financial crisis? Once the nominal interest rate reaches the zero bound, what are the effects of interventions in which the government provides liquidity in exchange for illiquid private paper? We find that the effects of the liquidity shock can be large, and show some numerical examples in which the liquidity facilities prevented a repeat of the Great Depression in 2008-2009. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w22259 |
| 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/579932 |
| 推荐引用方式 GB/T 7714 | Marco Del Negro,Gauti Eggertsson,Andrea Ferrero,et al. The Great Escape? A Quantitative Evaluation of the Fed\u2019s Liquidity Facilities. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22259.pdf（1664KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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