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Unconventional government debt purchases as a supplement to conventional monetary policy

Abstract:

In response to the Great Financial Crisis, the Federal Reserve, the Bank of England and many other central banks have adopted unconventional monetary policy instruments. We investigate if one of these, purchases of long-term government debt, could be a valuable addition to conventional short-term interest rate policy even if the main policy rate is not constrained by the zero lower bound. To do so, we add a stylised financial sector and central bank asset purchases to an otherwise standard ...

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Publication status:
Published

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Publisher:
University of Oxford
Series:
Department of Economics Discussion Paper Series
Publication date:
2013-10-16
Paper number:
679
Keywords:
Pubs id:
1143734
Local pid:
pubs:1143734
Deposit date:
2020-12-15

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