The Macroeconomic Effects of Large‐scale Asset Purchase Programmes
Datos Bibliográficos
| ID | 9712972 |
|---|---|
| Autores | Han Chen (0000-0002-7513-034X, University of Pennsylvania), Vasco Cúrdia (0000-0003-3359-1823, Federal Reserve Bank of New York), Andrea Ferrero (0000-0002-0264-8703, Federal Reserve Bank of New York) |
| Año | 2012 |
| Volumen | 122 |
| Número | 564 |
| Páginas | F289-F315 |
| Fecha de publicación | 2012-11-01 |
| Peer Reviewed | Sí |
| Open Access | Sí |
| Tipo | ARTICLE |
| Revista | The Economic Journal (JOURNAL) |
| Identificadores de la revista | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Editorial | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2012.02549.x |
| OpenAlex | W3125521357 |
| Idioma | EN |
| Citas recibidas | 16 |
| Referencias citadas | 24 |
We simulate the Federal Reserve second Large‐Scale Asset Purchase programme in a DSGE model with bond market segmentation estimated on US data. GDP growth increases by less than a third of a percentage point and inflation barely changes relative to the absence of intervention. The key reasons behind our findings are small estimates for both the elasticity of the risk premium to the quantity of long‐term debt and the degree of financial market segmentation. Without the commitment to keep the nominal interest rate at its lower bound for an extended period, the effects of asset purchase programmes would be even smaller
Asset (computer security · Bond · Bond market · Debt · Dynamic stochastic general equilibrium · Econometrics · Economics · Financial economics · Inflation (cosmology · Interest rate · Macroeconomics · Market segmentation · Microeconomics · Monetary economics · Monetary policy · Nominal interest rate · Real interest rate · Economic theories and models · Economic Theory and Policy · Finance · Monetary Policy and Economic Impact
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| Obras citantes distintas | 16 |
|---|---|
| Citas por año | 1,14 |
| Intervalo de citas | 2012 - 2026 (15) |
| Velocidad de citación | current |
| Altamente citado | No |
| Tipos de cita | Neutras: 16 |