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Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
DIW Discussion Papers No. 2141
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
I study the transmission mechanism of Quantitative Easing (QE) in the form of large-scale asset purchases in the mortgage market to aggregate consumption. To this end, I develop a New Keynesian model that features heterogeneous households, a microfounded housing market, and frictional intermediation. This model helps explain the empirical evidence suggesting that QE increases aggregate consumption by raising house prices. I find that higher house prices account for around half of QE's stimulative effects, with higher labor income contributing the remaining half.
Schlagwörter: 
Quantitative Easing
Heterogeneous Agents
Incomplete Markets
Sticky Wages
Housing
Asset Prices
JEL: 
E12
E21
E44
E52
Dokumentart: 
Working Paper

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