Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168176
Authors: 
Bletzinger, Tilman
von Thadden, Leopold
Year of Publication: 
2017
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Quantitative Easing A08-V1
Abstract: 
This paper develops a model of a fiscally sound monetary union and analyses central bank purchases of long-term debt (QE). Employing the portfolio balance channel, we show that there exists an interest rate rule augmented by QE at the lower bound which replicates the equilibrium allocation and the welfare level of a hypothetically unconstrained economy. We show further that the symmetry of QE depends on whether the monetary union is characterised by asymmetric shocks or asymmetric structures.
JEL: 
E43
E52
E61
E63
Document Type: 
Conference Paper

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