Time Consistency and Duration of Government Debt: A Model of Quantitative Easing
REVIEW OF ECONOMIC STUDIES(2023)
摘要
This article presents a model of quantitative easing (QE) at the zero lower bound (ZLB) on the short-term nominal interest rate. QE, which reduces the maturity of government debt, is effective at the ZLB because it generates expectations of future monetary expansion in a time-consistent equilibrium. Numerical experiments show that this effect can be substantial.
更多查看译文
关键词
Government debt maturity,Quantitative easing,Time-consistent equilibrium,Signalling,Zero lower bound,E31,E52,E58,E61,E63
AI 理解论文
溯源树
样例
生成溯源树,研究论文发展脉络
Chat Paper
正在生成论文摘要