What are the macroeconomic effects of asset purchases?

被引：120

作者：

Weale, Martin ^{[1
,2
,5
]}

Wieladek, Tomasz ^{[3
,4
]}

机构：

[1] Univ London, Queen Mary, Bank England, Monetary Policy Comm, London WC1E 7HU, England

[2] Natl Inst Econ & Social Res, London SW1P 3HE, England

[3] Barclays Capital, London, England

[4] CEPR, London, England

[5] Bank England, Threadneedle St, London EC2R 8AH, England

来源：

JOURNAL OF MONETARY ECONOMICS | 2016年 / 79卷

关键词：

Quantitative easing; Unconventional monetary policy; Transmission mechanism; BVAR; Signaling and portfolio balance effects; Uncertainty and risk-taking channels; UNCONVENTIONAL MONETARY-POLICY; VECTOR AUTOREGRESSIONS; IDENTIFICATION;

D O I：

10.1016/j.jmoneco.2016.03.010

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The impact of announcements of large-scale purchases of government bonds on real GDP and the CPI in the United Kingdom and the United States is explored with a Bayesian VAR, estimated on monthly data from 2009M3 to 2014M5. Four different identification schemes are used, all leaving the reactions of GDP and CPI unrestricted, and the transmission channels of the policy are examined. An asset purchase announcement of 1% of GDP leads to a statistically significant rise of 0.58% (0.25%) and 0.62% (0.32%) rise in real GDP and CPI for the US (UK). The transmission channels differ in the two countries. (C) 2016 The Authors. Published by Elsevier B.V.

引用

页码：81 / 93

页数：13

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