Dai, Meixing; Dufourt, Frédéric; Zhang, Qiao - Bureau d'Économie Théorique et Appliquée (BETA), … - 2013
We introduce Large Scale Asset Purchases (LSAPs) in a New-Keynesian DSGE model that features distinct mortgage and corporate loan markets. We show that following a significant disruption of financial intermediation, central-bank purchases of mortgage-backed securities (MBS) are less effective at...