Does the Way of Financing Quantitative Easing Programmes Matter?

• Autorzy: Anna Duszak
• Języki publikacji: EN

Abstrakty

EN

This paper applies a DSGE model to find whether the way of financing QE2 matters for the reaction of the economy. The model includes a segmented bond market structure, thus the large-scale asset purchases may successfully influence the economy. It is shown that the effects on macroeconomic variables are very similar regardless of whether the government finances the purchases by lump-sum taxes or by short-term debt which signifies that the quantitative deviation from Ricardian equivalence introduced by bond market segmentation is insignificant. The redistribution effects caused by financing are noticeable. (original abstract)

Słowa kluczowe

EN

Ricardian equivalence; Dynamic Stochastic General Equilibrium (DSGE); Bond market

PL

Równoważność ricardiańska; Model dynamicznej stochastycznej równowagi ogólnej; Rynek obligacji

• Czasopismo: Central European Journal of Economic Modelling and Econometrics (CEJEME)
• Rocznik: 2018
• Tom: 10
• Numer: nr 2
• Strony: 101--131

Twórcy

autor

Anna Duszak

• Narodowy Bank Polsk; SGH Warsaw School of Economics

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