Quantitative easing, macroeconomic stability and economic policy effectiveness

IF 1.3 Q3 ECONOMICS

Journal of Financial Economic Policy Pub Date : 2021-07-29 DOI:10.1108/jfep-06-2021-0149

R. Cebula, F. Rossi

引用次数: 2

Abstract

Purpose This study mathematically aims to evaluate the implications of a central bank’s adoption of a policy of quantitative easing (QE)/relative QE. Design/methodology/approach It is shown, within an investment-savings (IS)-liquidity preference-money supply (LM) framework, that this policy prerogative has, depending upon the aggressiveness which QE is undertaken, demonstrable implications for the conditions under which macroeconomic stability exists. Findings Furthermore, it is shown here that the presence of QE increases the effectiveness of traditional discretionary monetary and fiscal policies. Originality/value The study shows, within an IS-LM framework, that this policy prerogative has, depending upon the aggressiveness which QE is undertaken, demonstrable implications for the conditions under which macroeconomic stability exists.

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量化宽松、宏观经济稳定与经济政策有效性

本研究的数学目的是评估中央银行采用量化宽松(QE)/相对量化宽松政策的影响。设计/方法/方法在投资储蓄(is)-流动性偏好-货币供给(LM)框架中，根据量化宽松的积极程度，这一政策特权对宏观经济稳定存在的条件具有明显的影响。此外，本文还表明，量化宽松的存在提高了传统的自由裁量货币和财政政策的有效性。原创性/价值研究表明，在is - lm框架内，这一政策特权对宏观经济稳定存在的条件具有明显的影响，这取决于量化宽松的力度。

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

Journal of Financial Economic Policy ECONOMICS-

CiteScore

2.80

自引率

8.30%

发文量

期刊介绍： The Journal of Financial Economic Policy publishes high quality peer reviewed research on financial economic policy issues. The journal is devoted to the advancement of the understanding of the entire spectrum of financial policy and control issues and their interactions to economic phenomena. Economic and financial phenomena involve complex trade-offs and linkages between various types of risk factors and variables of interest to policy makers and market participants alike. Market participants such as economic policy makers, regulators, banking and competition supervisors, corporations and financial institutions, require timely and robust answers to the contemporary and emerging policy questions. In turn, such answers require thorough input by the academics, policy makers and practitioners alike. The Journal of Financial Economic Policy provides the forum to satisfy this need. The journal publishes and invites concise papers to enable a prompt response to current and emerging policy affairs.