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dependent on banks' solvency and liquidity exposures. Our results highlight that it is necessary to take heterogeneity of …
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liquidity trap lasting three years, about half as large as the effect on core GDP. Accordingly, under a standard ad hoc loss …
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In light of the current low-interest-rate environment, we reconsider the merit of a money growth target (MGT) relative to a conventional in ation targeting (IT) regime, and to the notion of price level targeting (PLT). Through the lens of a New Keynesian model, and accounting for a zero lower...
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This paper estimates the interaction between monetary- and fiscal policy using a structural VAR model with time-varying parameters. For demand and supply shocks, the two policies are estimated to be complementary, while for monetary and fiscal policies shocks the two policies act as substitutes....
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We consider the effects of quantitative easing on the liquidity of the Swedish government bonds. To capture multiple … dimensions of liquidity we use several measures built on a unique and highly granular transaction-based dataset. We find that the … Riksbank's purchases of government bonds improved liquidity, but only to a point. In fact, the deterioration in the level of …
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