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  1. Monetary and fiscal complementarity in the Covid-19 pandemic
    Author: Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, Tobias
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    In response to the coronavirus (Covid-19) pandemic, there has been a complementary approach to monetary and fiscal policy in the United States with the Federal Reserve System purchasing extraordinary quantities of securities and the government... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    In response to the coronavirus (Covid-19) pandemic, there has been a complementary approach to monetary and fiscal policy in the United States with the Federal Reserve System purchasing extraordinary quantities of securities and the government running a deficit of some 17% of projected GDP. The Federal Reserve pushed the discount rate close to zero and stabilised financial markets with emergency liquidity provided through a new open-ended long-term asset purchase programme. To capture the interventions, we develop a model in which the central bank uses reserves to buy much of the huge issuance of government bonds and this offsets the impact of shutdowns and lockdowns in the real economy. We show that these actions reduced lending costs and amplified the impact of supportive fiscal policies. We then run a counterfactual analysis which suggests that if the Federal Reserve had not intervened to such a degree, the economy may have experienced a significantly deeper contraction as a result from the Covid-19 pandemic.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289948111
    Other identifier:
    hdl: 10419/246165
    Series: Working paper series / European Central Bank ; no 2588 (September 2021)
    Subjects: Coronavirus; Schock; Stabilisierungspolitik; Geldpolitik; Finanzpolitik; Wirkungsanalyse; USA; Covid-19; monetary-fiscal interaction; non-conventional monetary policy; quantitative easing
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  2. Euro area sovereign yields and the power of QE
    Author: Afonso, António; Kazemi, Mina
    Published: [2017]
    Publisher:  ISEG - School of Economics and Management, Department of Economics, University of Lisbon, Lisbon

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers / ISEG, Lisbon School of Economics & Management, Department of Economics ; WP 2017, 12 DE/UECE
    Subjects: sovereign bonds; non-conventional monetary policy; panel data
    Scope: 1 Online-Ressource (circa 9 Seiten)
  3. Bank reserves and broad money in the global financial crisis
    a quantitative evaluation
    Author: Chadha, Jagjit; Corrado, Luisa; Meaning, Jack; Schuler, Tobias
    Published: [2020]
    Publisher:  National Institute of Economic and Social Research, London

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 538
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NIESR discussion paper ; (no. 519 11 November 2020)
    Subjects: non-conventional monetary policy; quantitative easing; liquidity provision
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen