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We examine the impact of large-scale asset purchases of government bonds on real GDP and the CPI in the United Kingdom and the United States with a Bayesian VAR, estimated on monthly data from 2009 M3 to 2013 M5. We identify an asset purchase shock with sign and zero restrictions. In contrast to...
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affine term structure model to find that, contrary to previous estimates of this rule, the monetary authorities in Canada …
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output gap), as well as through persistent supply side effects (affecting trend growth). We estimate this model for Canada …
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