Time Consistency and Duration of Government Debt: A Model of Quantitative Easing

IF 5.9 1区经济学 Q1 ECONOMICS

Review of Economic Studies Pub Date : 2022-09-07 DOI:10.1093/restud/rdac063

Saroj Bhattarai, Gauti B. Eggertsson, Bulat Gafarov

引用次数: 12

Abstract

This paper presents a model of quantitative easing (QE) at the zero lower bound (ZLB) on the short-term nominal interest rate. QE, which reduces the maturity of government debt, is effective at the ZLB because it generates expectations of future monetary expansion in a time-consistent equilibrium. Numerical experiments show that this effect can be substantial.

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政府债务的时间一致性和期限：一个量化宽松模型

本文提出了短期名义利率零利率下限下的量化宽松(QE)模型。减少政府债务到期日的量化宽松在ZLB是有效的，因为它在时间一致的均衡中产生了对未来货币扩张的预期。数值实验表明，这种影响是显著的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Economic Studies ECONOMICS-

CiteScore

10.40

自引率

3.40%

发文量

期刊介绍： Founded in 1933 by a group of young British and American economists, The Review of Economic Studies aims to encourage research in theoretical and applied economics, especially by young economists. Today it is widely recognised as one of the core top-five economics journals. The Review is essential reading for economists and has a reputation for publishing path-breaking papers in theoretical and applied economics. The Review is committed to continuing to publish strong papers in all areas of economics. The Editors aim to provide an efficient and high-quality review process to the Review''s authors. Where articles are sent out for full review, authors receive careful reports and feedback. Since 1989 The Review has held annual May Meetings to offer young students in economics and finance the chance to present their research to audiences in Europe.