【主题】Quantitative Easing
【报告人】崔巍助教授（伦敦大学学院）
【时间】10月13日（星期二）4:00-5:30 PM
【参会链接】https://zoom.com.cn/j/93858898051 密码：105087
【语言】英文
【摘要】 Is Quantitative Easing (QE) an effective substitute for conventional monetary policy? We study this question using a heterogeneous-agents model with liquid and partially liquid wealth, as well as 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. QE therefore emerges as a powerful policy instrument to anchor expectations and stabilize output and inflation. Indeed, the estimated model reveals that QE interventions greatly dampened the U.S. Great Recession. However, we also find that QE may have strong side effects on inequality and welfare, suggesting that conventional policy should remain the primary stabilization instrument in the central bank's toolkit.
