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Quantitative easing with heterogeneous agents
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DOI：10.1016/j.jmoneco.2021.07.007.png)
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We study the effects of Quantitative Easing (QE) in a heterogeneous-agents model with liquid and partially liquid wealth, and nominal rigidities. The direct macroeconomic effect of QE is determined by the difference in marginal propensities to consume out of the two types of wealth, which is large according to empirical studies. Therefore, the effects of QE on aggregate output and inflation are significant, according to the model. Indeed, the estimated model reveals that QE interventions greatly dampened the U.S. Great Recession, by expanding household liquidity. However, QE may have strong and adverse distributional effects, com pared to interest rate policy. (c) 2021 Elsevier B.V. All rights reserved.
Keyword:
Monetary policy
Large-scale asset purchases
Household liquidity
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AMERICAN ECONOMIC REVIEWOAAI
AMERICAN ECONOMIC REVIEWIF11.6
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