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During the Great Recession numerous central banks have implemented various unconventional monetary policy measures. This paper aims to empirically evaluate two particular types of unconventional policies (forward guidance and quantitative easing) in a structural manner. The primary aim is to...
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In this paper, we argue that models coming from a variety of fields share a common structure that we call matching … function equilibria. This structure revolves around an aggregate matching function and a system of nonlinear equations. This … encompasses search and matching models, matching models with transferable, non-transferable and imperfectly transferable utility …
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Models with high dimensional sets of fixed effects are frequently used to examine, among others, linked employer-employee data, student outcomes and migration. Estimating these models is computationally difficult, so simplifying assumptions that are likely to cause bias are often invoked to make...
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rentability of bank credit and the macro-players' propensities to accumulate money in a bank account. …
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establishing QEC as one pivotal element of a theory of central banking. Collateralisation of the issuance of money and the … monetary stability. Good central bank money should be backed by the liable property of creditors to safeguard monetary …
Persistent link: https://www.econbiz.de/10010206377
Did the Federal Reserve's Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, we estimate a large-scale DSGE model over the sample from 1998 until 2020, including data of the Fed's balance sheet. We allow for QE to affect the...
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