Quantitative Easing
Quantitative Easing
复制标题
量化宽松
DOI：
10.2139/ssrn.3374173
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Vincent Sterk
中科院分区：
文献类型：
--
作者：
W. Cui;Vincent Sterk
摘要量化宽松是传统货币政策的有效替代品吗？我们研究这个问题，使用一个定量的异质代理模型与名义刚性，以及流动和部分流动的财富。量化宽松对总需求的直接影响取决于两种财富的边际消费倾向的差异，根据模型和实证研究，这种差异很大。比较最优量化宽松和利率规则可以发现，量化宽松确实是一个非常强大的工具，可以锚定预期，稳定产出和通胀。然而，量化宽松干预措施对不平等产生了强烈的副作用，这可能会大幅降低社会福利。一个非常简单的量化宽松规则，我们称之为真实的储备目标，从福利角度来看，当传统政策不可用时，它近似是最优的。我们进一步估计了美国数据的模型，发现QE干预大大缓解了大衰退期间的产出下降。
Abstract Is Quantitative Easing (QE) an effective substitute for conventional monetary policy? We study this question using a quantitative heterogeneous-agents model with nominal rigidities, as well as liquid and partially liquid wealth. The direct effect of QE on aggregate demand is determined by the difference in marginal propensities to consume out of the two types of wealth, which is large according to the model and empirical studies. A comparison of optimal QE and interest rate rules reveals that QE is indeed a very powerful instrument to anchor expectations and to stabilize output and inflation. However, QE interventions come with strong side effects on inequality, which can substantially lower social welfare. A very simple QE rule, which we refer to as Real Reserve Targeting, is approximately optimal from a welfare perspective when conventional policy is unavailable. We further estimate the model on U.S. data and find that QE interventions greatly mitigated the decline in output during the Great Recession.