MONETARY POLICY WITH LIQUIDITY CONSTRAINED GOVERNMENT DEBT MARKETS

现代货币政策试图利用政府官方债务市场的行动来影响国内宏观经济结果。这一途径的有效性受到政府未偿债务减少的挑战。货币政策面临着在替代金融市场运作的可能性。该项目将： * 研究货币政策操作的替代市场。 * 检查替代品对真实的经济结果的影响。 * 开发一个能够控制全球金融状况的经济模型--这是以前没有做过的。 * 结合联合收割机现代经济计量技术。

Modern monetary policy seeks to influence domestic macroeconomic outcomes, using actions in official Government debt markets. The effectiveness of this route is being challenged by reductions in the level of Government debt outstanding. Monetary policy is faced with the possibility of operating in alternative financial markets. The project will: * Examine alternative markets for monetary policy operation. * Examine the effects of alternatives on real economy outcomes. * Develop a model of the economy which controls for global financial conditions - which has not been done before. * Combine modern econometric techniques.