Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168218
Authors: 
Quint, Dominic
Rabanal, Pau
Year of Publication: 
2017
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Monetary Policy II E07-V2
Abstract: 
After the recent crisis, central banks deployed unconventional monetary policies (UMP) to affect credit conditions and to provide liquidity at a large scale. We study if UMP should still be used when economic conditions normalize. Using an estimated non-linear DSGE model with a banking sector and long-term debt for the US, we show that the benefits of using UMP in normal times are substantial. However, the benefits are shock-dependent and mostly arise when the economy is hit by financial shocks.
JEL: 
C32
E32
E52
Document Type: 
Conference Paper

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