A Structural Investigation of Quantitative Easing
نویسندگان
چکیده
Did the Federal Reserves' Quantitative Easing (QE) in aftermath of financial crisis have macroeconomic effects? To answer this question, authors estimate a large-scale DSGE model over sample from 1998 to 2020, including data Fed's balance sheet. The allow for QE affect economy via multiple channels that arise several frictions. Their nonlinear Bayesian likelihood approach fully accounts zero lower bound on nominal interest rates. They find between 2009 2015, increased output by about 1.2 percent. This reflects net increase investment nearly 9 percent, was accompanied 0.7 percent drop aggregate consumption. Both, government bond and capital asset purchases were effective improving financing conditions. Especially significantly facilitated new production capacity. Against backdrop fall consumption, supply side effects dominated which led mild disinflationary effect 0.25 annually.
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3782958