How stimulatory are large-scale asset purchases?
AbstractThe Federal Reserve’s large-scale purchases of long-term Treasury securities most likely provided a moderate boost to economic growth and inflation. Importantly, the effects appear to depend greatly on the Fed’s guidance that short-term interest rates would remain low for an extended period. Indeed, estimates from a macroeconomic model suggest that such interest rate forward guidance probably has greater effects than signals about the amount of assets purchased.
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Bibliographic InfoArticle provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.
Volume (Year): (2013)
Issue (Month): aug12 ()
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- Hess Chung & Jean-Philippe Laforte & David Reifschneider & John C. Williams, 2011.
"Have we underestimated the likelihood and severity of zero lower bound events?,"
Working Paper Series
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