MONETARY POLICY WITH LIQUIDITY CONSTRAINED GOVERNMENT DEBT MARKETS

货币政策和流动性限制了政府债券市场。现代货币政策寻求通过在官方政府债券市场采取行动来影响国内宏观经济结果。这条路线的有效性因政府未偿债务水平的降低而受到挑战。货币政策面临着在另类金融市场操作的可能性。该项目将：\r\n*研究货币政策操作的替代市场。\r\n*研究替代市场对实体经济结果的影响。\r\n*开发一个控制全球金融状况的经济模型--这是以前从未做过的。\r\n*结合现代计量经济学技术。\r\n

MONETARY POLICY WITH LIQUIDITY CONSTRAINED GOVERNMENT DEBT MARKETS. 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: \r\n* Examine alternative markets for monetary policy operation.\r\n* Examine the effects of alternatives on real economy outcomes.\r\n* Develop a model of the economy which controls for global financial conditions - which has not been done before.\r\n* Combine modern econometric techniques.\r\n