| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14951 |
| DP14951 Effectiveness and Addictiveness of Quantitative Easing | |
| Peter Karadi; Anton Nakov | |
| 发表日期 | 2020-06-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper analyses optimal asset-purchase policies in a macroeconomic model with banks, which face occasionally-binding balance-sheet constraints. It proves analytically that asset-purchase policies are effective in offsetting large financial disturbances, which impair banks' capital position. It warns, however, that the policy is addictive because it flattens the yield curve, reduces the profitability of the banking sector and therefore slows down its recapitalization. Consequently, optimal exit from large central bank balance sheets is gradual. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Large-scale asset purchases Balance-sheet-constrained banks |
| URL | https://cepr.org/publications/dp14951 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543896 |
| 推荐引用方式 GB/T 7714 | Peter Karadi,Anton Nakov. DP14951 Effectiveness and Addictiveness of Quantitative Easing. 2020. |
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