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Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Working Paper No. 193
Verlag: 
University of Zurich, Department of Economics, Zurich
Zusammenfassung: 
We develop a microfounded model, where agents have the possibility to trade money for government bonds in an over-the-counter market. It allows us to address important open questions about the effects of central bank purchases of government bonds, these being: under what conditions these purchases can be welfare-improving, what incentive problems they mitigate, and how large these effects are. Our main finding is that this policy measure can be welfare-improving, by correcting a pecuniary externality. Concretely, the value of money is increased as central bank's purchases of government bonds induce agents to increase their demand for money, which is welfare-improving.
Schlagwörter: 
Monetary theory
over-the-counter markets
quantitative easing
money demand
pecuniary externality
JEL: 
E31
E40
E50
G12
Dokumentart: 
Working Paper

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