A Structural Investigation of Quantitative Easing

• 成果类型: Article
• 署名作者: Boehl, Gregor; Goy, Gavin; Strobel, Felix
• 署名单位: University of Bonn; European Central Bank; De Nederlandsche Bank NV; Deutsche Bundesbank
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01205
• 发表日期: 2024-07
• 页码: 1028-1044
• 关键词: unconventional monetary-policy; credit spreads; cost channel; inflation dynamics; balance-sheet; MODEL; real; qe; transmission; constraints

摘要

Using nonlinear Bayesian methods that fully account for the binding zero lower bound (ZLB), we estimate a large-scale macrofinance DSGE model on U.S. data. Counterfactual analysis suggests that by easing financing conditions, quantitative easing facilitated a net increase in aggregate investment. The resulting expansion of firms' production capacities lowered their marginal costs. These disinflationary supply side effects dominated over the inflationary effects induced by the stimulus to aggregate demand. At the ZLB, the concomitant rise in real interest rates, in turn, induced a net fall in aggregate consumption.