全球智库信息集成服务系统(G2TT): Evaluating Central Banks' Tool Kit: Past, Present, and Future

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26040
来源ID	Working Paper 26040
	Evaluating Central Banks' Tool Kit: Past, Present, and Future
	Eric R. Sims; Jing Cynthia Wu
发表日期	2019-07-08
出版年	2019
语种	英语
摘要	We develop a structural DSGE model to systematically study the principal tools of unconventional monetary policy – quantitative easing (QE), forward guidance, and negative interest rate policy (NIRP) – as well as the interactions between them. To generate the same output response, the requisite NIRP and forward guidance interventions are twice as large as a conventional policy shock, which seems implausible in practice. In contrast, QE via an endogenous feedback rule can alleviate the constraints on conventional policy posed by the zero lower bound. Quantitatively, QE1-QE3 can account for two thirds of the observed decline in the “shadow” Federal Funds rate. In spite of its usefulness, QE does not come without cost. A large balance sheet has consequences for different normalization plans, the efficacy of NIRP, and the effective lower bound on the policy rate.
主题	Macroeconomics ; Macroeconomic Models ; Business Cycles ; Monetary Policy
URL	https://www.nber.org/papers/w26040
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/583714
推荐引用方式 GB/T 7714	Eric R. Sims,Jing Cynthia Wu. Evaluating Central Banks' Tool Kit: Past, Present, and Future. 2019.

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
w26040.pdf（1007KB）	智库出版物		限制开放	CC BY-NC-SA	浏览