Macroeconomic Effects of an Open-ended Asset Purchase Programme
Macroeconomic Effects of an Open-ended Asset Purchase Programme
复制标题
开放式资产购买计划的宏观经济影响
DOI：
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发表时间：
2018
影响因子：
3.5
通讯作者：
M. Pisani
中科院分区：
文献类型：
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作者：
Lorenzo Burlon;A. Notarpietro;M. Pisani
在本文中，我们评估的有效性，一个开放式的资产购买计划（APP）的欧元区。为此，我们建立在Burlon et al.（2017）开发的针对欧元区和世界其他地区的大规模新凯恩斯主义动态一般均衡模型的基础上，但与该贡献不同的是，我们假设央行不宣布该计划的结束日期，同时保留在未来时期有条件地延长该计划的可能性。我们假设，代理人形成他们的预期可能额外的购买超出了中央银行宣布的地平线根据一条规则，将他们的预期通货膨胀缺口。结果表明，开放式的APP是更有效地立即刺激宏观经济条件比事先承诺的结束日期。重要的是，开放式维度提供了一种对冲措施，以防止欧元区总需求负面冲击的实现，这种冲击会推动通胀偏离目标。货币政策利率的前瞻性指引进一步加强了有效性。
In this paper we evaluate the effectiveness of an open-ended Asset Purchase Programme (APP) for the euro area. To this purpose, we build on the large-scale New Keynesian dynamic general equilibrium model calibrated to the euro area and the rest of the world developed in Burlon et al. (2017), but, different from that contribution, we assume that the central bank does not announce the ending date of the programme, while leaving open the possibility of extending it in future periods conditionally on inflation developments. We assume that agents form their expectations about possible additional purchases beyond the horizon of the announcement by the central bank according to a rule linking them to the expected inflation gap. It is showed that the open-ended APP is more effective in immediately stimulating macroeconomic conditions than committing ex ante to an ending date. Importantly, the open-ended dimension provides a hedge against the materialization of negative euro-area aggregate demand shocks that pushes inflation away from its path towards the target. The effectiveness is further reinforced by a forward guidance on monetary policy rates.