Kyriazis, Antzelos - 2023
(PHANK) model. I show that the fiscal multiplier decreases in the presence of countercyclical QE policies after a fiscal … expansion since countercyclical QE implies that the central bank sells government bonds, leading to higher expected returns on …-agent model, I also solve for the optimal fiscal and QE policies at the zero lower bound, and I find that both are expansionary …