全球智库信息集成服务系统(G2TT): Wall Street vs. Main Street QE

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27295
来源ID	Working Paper 27295
	Wall Street vs. Main Street QE
	Eric R. Sims; Jing Cynthia Wu
发表日期	2020-06-08
出版年	2020
语种	英语
摘要	The Federal Reserve has reacted swiftly to the COVID-19 pandemic. It has resuscitated many of its programs from the last crisis by lending to the financial sector, which we refer to as “Wall Street QE.” The Fed is now proposing to also lend directly to, and purchase debt directly from, non-financial firms, which we label “Main Street QE.” Our paper develops a new framework to compare and contrast these different policies. In a situation in which financial intermediary balance sheets are impaired, such as the Great Recession, Main Street and Wall Street QE are perfect substitutes and both stimulate aggregate demand. In contrast, for situations like the one we are now facing due to COVID-19, where the production sector is facing significant cash flow shortages, Wall Street QE becomes almost completely ineffective, whereas Main Street QE can be highly stimulative.
主题	Macroeconomics ; Monetary Policy ; COVID-19
URL	https://www.nber.org/papers/w27295
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/584967
推荐引用方式 GB/T 7714	Eric R. Sims,Jing Cynthia Wu. Wall Street vs. Main Street QE. 2020.